Financial Times , 1982, UK, English

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PUBLISHED IN LONDON AND FRANKFURT

Saturday February 20 1982 ***so P

CONTINENTAL SELLING PRICES;. AUSTRIA Sell. IS; BBjGIUM Pr 80; DENMARK Kr RUft FRANCE Fr S.«h GERMANY DM 2.0! ITALY L 1.000; NETHERLANDS FI 225; NORWAY Kr 6.00; PORTUGAL Esc GO; SPAIN Pta

BOVIS Boris Construction Ltd.'
Operating the fee system of buiiding:

6.00; SWITZERLAND Fr 2.0; EIRE 42p; MALTA 3QC

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The extras some
executives
take for granted

Choosing England's
next
captain

pJ3

TheSDP

move into ^

Thatcherland I ' ”

f\EV\S SI M Vi \m

GENERAL BUSINESS

Unofficial Gold at
strikes on 21-year
rostering low; gilts
hit trains up 0.64

Unofficial strikes by National
Union of KaQwaymen guards
hit rail passengers yesterday, as
Aslef train drivers’ strikes on
the same Issue, flexible roster-
ing. ended.

Guards' representatives
angrily lobbied the union’s
London headquarters, which
were for some time locked
against them.

In a stormy meeting, general
secretary Sid WeigheU rejected
their demand for a special
executive meeting to reconsider
the rostering deal Page 4

Police curbs call

Shadow Home Secretary Roy
Hattersley called for greater
political control of the. police,
saying only 250 of 14,000
annual complaints led to
prosecution.

Algeria ‘coup’

Nigerian newspapers said a
coup plot had been foiled and
a civilian and some soldiers
charged with inciting soldiers
to mutiny.

Lisbon unrest

refusal's main trade union
confederation met to discuss
strike strategy after the Com-
munist Party announced plans
io increase labour unrest to
bring down the Government

Card campaign

Nnto’s Brussels headquarters
has received over 53,000 Soviet
postcards in an anti-nuclear
arms race campaign launched
by a Soviet newspaper.

Spain plot trial

The court martial began in
Madrid of 32 army officers and
one civilian charged with com-
plicity in an unsuccessful coup
last year. All denied guilt.
Page 2

Talks on Cyprus

Cyprus President Spyros
Kyprianou began talks in
Athens with Greek Premier
Andreas Papandreou about the
island’s future.

Recruits sought

A U.S. medical services com-
pany hopes to recruit 1,000
staff, mostly from the NHS, to
work in Saudi Arabia and the
Gulf.

All his own work

Playwright William Douglas-
Home was cleared in London of
plagiarism allegations aad
awarded £100 libel damages
against the man who sand his
idea for a play was stolen.

Wolves wax

Northern Soviet Union is being
plagued by wolves, whose
numbers have grown sharply in
the last decade. They have
learnt to hide under the snow
from helicopter hunters.

Briefly . . -

Secessionists killed 20 soldiers
in an ambush in north-east
India.

Tesco was fined £500 for .display-
ing the wrong price on goods in
a Birmingham supermarket.

UA said it would present
proof in a week that ihe Soviet
Union uses biological weapons.
Ifeavy dashes were reported
between gunmen in Tripoli,
north Lebanon.

• GOLD fell $2L25 to $367.5 in
London, its lowest dose since
September 1979. Repents of
further Soviet gold sales
depressed the metaJL In New
York the Comex February dose
was $3 63JL Page 21

m STERUNG added 20 points
to $L854> It was unchanged at
DM 4.385, feD to SwFr 3495
(SwFr 3-52) but Armed, to
FFr 11.1525 (FFr 1L15). Its
trade weighted index was 9L6
(9L7). Page 21

• DOLLAR continued to lose
ground. It fell to INK 2.3645
(DM 2.3675), SwFr L885
(SwFr L895) tend Y233.25
(Y23525). Its trade weighted
Index was 111.9 (112.7). Page
21

• GILTS were strong. The FT
Government Securities Index
gained 0.64 to 66.19, for a 115
rise on the week. Page 22

• EQUITIES were . over-
shadowed by - gilts. The FT
30-share index edged up 0 J. to

562.3, a fall of &2 on the week.
Page 22

• WALL STREET was down
7.90 to 82L06 near the dose.
Page 18

• UK ECONOMIC ACTIVITY
fell 2.7 per cent last year but
there was a slight rise in each
of the last two quarters. Page 3

• MEXICAN share prices ral-
lied sharply following the Gov-
ernments decision to float the
peso. Page 2

• EEC JOBLESS- total rose to
10.8m last rqanth, 26 per cent
higher than a year earlier.

• LEYLAND VEHICLES’ Bath-
gate plant workforce voted, to
return to work and accept a
management survival scheme.
Page 4

Amersham offer
attracts £L75bn

• AMERSHAM INTER-
NATIONAL’S £71m offer for
sale attracted subscriptions
worth £i.75bn. .About 264,000
applications were received Mid
the offer was subscribed 24.6
times.

• NATIONAL FREIGHT COM-
PANY buy-out was completed
when the new National Freight
Consortium bought the com-
pany from the Government for
£53.5m.

« DE BEERS* Cfentral' Selling
Organisation may market most
of the diamonds from the
Ashton joint venture in Wes-
tern Australia. Page 2

0 AMERICAN MOTORS, con-
trolled by Renault of France,
cut its losses by 32 per cent to
$136.6m (£73.68m) last year.
Page 19

CHIEF PRICE CHANGES YESTERDAY

(Prices in pence unless otherwise indicated)

Lex Service 114

Uoyds Bank

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Trea. 13Jpc 2004-08 £934 + 1|
Adams & Gibbon ... 79 + 5

Arlen Elec 26 + 4

B.E.T. Defd 152 + 5

Burton. ' 162 + 4

Centreway Tst 85 + 7

Crouch . Group 118 + 8

Electronic Rentals 94 + .6

Extel 3SS + 13

GniPtt Bros. ......... 155 + 12

Granada A ... 242 + 5

Henlys 119 + 5

Kennedy Brookes... 162 + 9

Kode lnt. 275 + 15

Low and Bonar ... 195

NatWest Bank 4W

Nimslo

Sotheby P.B. 333

Thom Eld

Turner & Newall ... 102

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Comet Radiovision 107

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727

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— 40

— 5
<— 4 '

— 6

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«r- 1

m 32

Receivers in search
for £50m to keep
De Lorean alive

BY JOHN GRIFFITHS

A RACE against time Is now
on to find £40m-£50m in farther
private finance for De Lorean
Motor Cars, the Government-
backed Belfast manufacturing
subsidiary of De Lorean Motor
Company which went into
voluntary Receivership yester-
day.

Mr James Prior; the Northern
Irela nd S ecretary, announced
tiie Receivership at 11 am
yesterday, after De Lorean
Motor- Company’s chairman, Mr
John De Lorean, gave up at
6 am an ovemigit attempt to
find more baekmg on his . own.

The Receivers, Sir Kenneth
Cork and Mr Paul Shew ell of
accountants Cork, GuMey, in-
tend to keep, the Belfast plant
in operation while their search
for farther finance goes on.

Sir Kenneth, who led the in-
vestigation into De Lorean’s
affairs ordered by the Govern-
ment in January, said yesterday
he believed sufficient resources

existed to keep the operation
going for up to five weeks.

He said there were some sub-
stantial •_ concerns . showing
serious interest in the. company
“people who have seen the

■Prior says no to more aid,
Page 3; Man in. the News
and Lex,Baek Page

American network and believe
that there is a future- for the
car.” •

A new trading company is be-
ing formed immediately to con-
tinue the business. Sir Kenneth
said that if a straightforward
refinancing of this was not pos-
sible, a buyer would be found.
"Pm hoping for a dean, new
company not loaded with an
overweight debt If this can be
arranged, I believe there is a
future for the operation in Bel-
fast. which is a good one.”

The company owes £31m to
its .suppliers, the majority of

them UK-based. They indude
GKN, British Steel, Lucas,
Girling and Goodyear.

De Lorean’s board blames the
company’s collapse on a winter
sales slump which has left 2,500
cars unsold in the pipeline be-
tween Belfast and the U.S.
parent company’s. 350 dealers.

The apparent key to Sir
Kenneth being able to continue
the Belfast operation centres
on these cars and whether
Bank of . America is prepared
to revive its farmer practice of
providing inventory finance for
them.

A Bank of America official
said last nigit: “We have re-
viewed the agreement an-
nounced today. We are willing
to work out anything that makes
sense for everybody.” It expects
to meet De Lorean Motor Com-
pany officials on the subject
next week.

The Belfast plant has made
Continued on Back Page

Tory policy brings tangible
benefits to the better paid

BY PETER RJDDELL, POUTICAL^DiiGR

TOP SALARY earners have
kept most of the benefits of the
tax cuts in the 1979 Budget,
while anyone earning to
twice average ea rn ings is now
paying more in income tax and
national insurance contribu-
tions than in the last year of the
Labour administration.

A Treasury written answer
shows that an executive on 10
times average male earnings —
or nearly £77.000 a year— is
paying 52.4 per cent of his
income in tax and insurance
contributions if he is' married
and has two children. This com-
pares with 66.1 per cent in
1978-79. the last year of Labour
government, and a low point of
50.5 per cent in 197990, imme-
diately after Mrs Thatcher’s
first tax-cutting Budget

By contrast, a married man
with two children under 11
receiving average earnings of
about £7,600 now faces tax and
Insurance deductionsof 27.6 per
cent compared with 252 per
cent kx the last year of Labour
and a low point of 24.7 per cent
in 197980.

Men on half average earnings
are now paying 18.6 per cent
cent of their gross income in
tax and insurance contributions
— roughly 50 per cent more
than in 1978-79.

These figures are highly em-
barrassing politically for the
Government since they show
that their own tax decisions
have benefited the better-off

THE TAX SQUEEZE

am;rhicD coufu+zchh she*

while the poor have suffered.

Moreover, although, the per-
sonal tax burden has risen in
the last two years, , the impact
has been relatively small on
the wealthy.

The Government would argue
that both top marginal rates and
average tax rates were puni-
tive Iy Mgh for the weli-off be-
fore the last election and they
take the view that, after the
changes, the tax system is still
progressive in the sense that the
better-off still pay more in taxa-
tion than the poor.

Ihe cut-off between still los-
ing or gaining from the 1979
Budget is earnings of £20,000
to £25,000 a year. Below this
level, -any small gains from the
earlier direct tax cuts have
been more -than offset by the

rise in employee National In-
surance contributions and by
the impact of the failure to
raise income tax allowances and
thresholds in line with inflation.

Above the £20,000-£25,000-a-
year range, the percentage rise
in deductions in the last two
years has been insufficient to
offset the benefits of an earlier
sharp rise in higher tax rate
thresholds and the cut in the
marginal rate of income-tax
from 75 to 60 per cent.

Consequently, the chairman
of one of Britain’s big com-
panies earning, for example,
£150,000 a year, now pays 562
per cent in tax and national
insurance compared with 7<L5
per cent in 1978-79.

Indeed, married couples on
half to three-quarters of average
earnings never had any reduc-
tion in their percentage deduc-
tions in 1979-80.

These figures to some extent
present too favourable a picture
since they exclude the impact
of the sharp rises in Value
Added Tax and Customs and
Excise duties which have a dis-
proportionate impact on the
poor.

The figures emerged in
answer to a question from Mr
Jack Straw, MP for Blackburn
and a Labour economics spokes-
man. He also tried unsuccess-
fully to find the cash cost (and
benefit to taxpayers) at current
prices of the various changes
introduced in the 1979 Budget.

Haughey has
edge in close
Irish election

BY BRENDAN KEENAN IN DUBLIN

MR CHARLES HAUGHEY'S
Fiarrna Fail party held an early
edge after first returns in the
Irish general election yesterday.
The party's director of elec-
tions, Mr Albert Reynolds, pre-
dicted an overall majority of
three seats for it in the new
Dail (parliament).

But workers for the deposed
Fine Gail party were not con-
ceding defeat. It looked as
though much would depend on
how a handful of seats fell
during the night.

It seems clear, however, that
the electorate has delivered a
stin ging rebuke to Sinn Fein,
the political wing of the Provi-
sional IRA. Its seven candidates
got less than half the support
given to H-block hunger strikers
in the general election last
June.

Mrs Bernadette McAliskey. a
former Westminster MP who
was standing as an independent
in Mr Haugbey’s constituency,
fared badly and will not be in
the new Dail.

Mr Charles Haughey, the
Fianna Fail leader, who was re-
elected on the first count in his
Dublin constituency, said the
party was doing well in the
marginal seats and that he was
quietly confident

Fine Gael workers did con-
cede yesterday evening, that it
would be difficult for them to
achieve an overall early
majority en the basis of the
early results, in which outcome
for 49 out of 165 seats had been
delayed. They believed another
stalemated Dail was possible
and that Dr Garret FitzGerald
could return as Prime Minister.
Early counts showed Fianna
Fail with 25 seats. Fine Gael
21, Labour one and other parties
two.

As expected, the Labour
Party, junior partner in the
erstwhile coalition government,
ran into trouble and Mr Michael
O’Leary, the party leader, was
in danger of losing his seat.

The swing was far from uni-
form. Fine Gael did well in the
greater Dublin area, but there
was a swing to Fianna Fail in
rural areas where many of the
key marginals are.

One surprise was the good
showing of the Sinn Fein
Workers’ Party, a left-wing
body not to be confused wtih
Sinn Fein itself.

The parly, which grew out
of the old Official IRA, won its
first Dail seat in the last elec-
tion and now has a chance of
taking a second. Its good show-
ing probably reflects dissatisfac-
tion with the bigger parties,
particularly Labour.

In Kildare. Mr Charles
McCreevy, who had the Fianna
Fail whip withdrawn for criti-
cising party economic policy,
increased his vote by 50 per
cent

The poor showing by Sinn
Fein may end the Provisionals’
flirtation with the ballot box.
It confirms that the electorate
drew a sharp distinction be-
tween the H-block campaign
and the Provisionals' wider
policy.

Contrary to expectations,
three of the four independents
who held the balance of power
after the last election, looked
like holding their seats. They
include Mr Jim Kemmy. whose
vote against the proposed
Budget last month brought
down the Government. He
increased his vote in Limerick.

One possibility was that, to
form a government. Mr
Haughey would need the sup-
port of Mr Neil Blaney, the
Donegal independent He was
a minister when sacked, with
Mr 'Haughey. in 1970 by Mr
Jack Lynch, then Prime
Minister, amid allegations of
attempted arms smuggling to
Northern Ireland.

Mr Blaney subsequently left
Fianna Fail and has been an
independent MP since then.
But, if his vote were vital to
the formation of a government,
he might have to accommodate
anew.

£ in New York

- | Feb. IB j

previous

i i

Spot 'si. 856 0-8580 j

S 1,83 60-8375

* pm v.wiru.oo pm

3monihs0.67-0.72 pm 0.93-0.99 pm
lBmo nt ha 2,30-2,4 6 pm _2.8B-3.08jjm

makers
to fight
tab claim

By Anthony Moreton,

Textiles Correspondent

THE humble little t.ib sewn
into the scam of a pair rf
jeans has led in a virtual
declaration of war between
the British i-totiiiug industry
and the American giant Le\i
Strauss.

"We received a dear mandate
from our members to proceed
in the most effect Lve way pos-
sible." Mr Gerald French,
director of the British Cloth-
ing Industry Association,
warned yesterday, taking un
an aggressive altitude to the
San Francisco company.

There was no knowing where
Levi Strauss’ action might
end, he hinted, after a mecl-
ing of his members had ex-
pressed strong words on the
subject.

The source of consternation Is
the attempt by Levi Strauss
to register as a trademark the
tab which many manufac-
turers sew into a seam and
allowed to flap free — not. it
must be added, the maker’s
name, known as the "hack
yoke." which is stitched
across the back of a pair of
trousers.

In 1972 the American concern
succeeded in registering the
tab in five colours as its trade-
mark. Five years later it
applied to register as a trade-
mark tabs sown into the
seam or flap of a pocket. Now
it is considering applying for
the. sole right io u?e a tab •’f
any colour on all clothing and
footwear.

This is the point at which the
British industry has baulked.

It fears that any extension of .
the original trademark could
affect shirt-makers and those
who produce blouses, skirts.^
suits and many other items of f
clothing.

"Tah labelling is also common* .
place on garments such as
brassieres and ihis. too. would
become an infringement.”

“ The application.” said Mr
French, “cuts rielif across
accepted trade practice and
would affect ihe vast majority
of clolhing manufacturers,
retailers and importers in the
UK.”

Continued on Back Page

Lloyds profits grow by 33%

BY WTLUAM HALL, BANKING CORRSPONDENT

LLOYDS BANK the first of the
big clearer? to report its 1981
figures, yesterday announced a
33 per cent rise in pre-tax profits
to £385.6m.

The results for the year to
end-Decemfcer 1981 were in line
w it h expectations. But the
group surprised the stock
market by increasing its divi-
dend by 25 per cent, and shares
rose 16p to 4S6p. the highest
level for over a year.

Sir Jeremy Morse, chairman,
said the profit growth reflected
a “strong worldwide perform-
ance and better control of
costs.” The drop of shore titan
a fifth in the value of sterling
against the XJjS. dollar had also
increased profits.

The gmops performance is
unlikely to be matched by the

other clearing banks. They will
report their 1981 results over
the next few weeks.

The key factor has been the
growth in international profits
with Lloyds Bank International
nearly doubling its operating
profits to £138.7m_ The inter-
national contribution jumped
from 39 per cent to 47 per cent.

Mr Norman Jones, group
chief executive, said yesterday
that LBZ’s advances had grown
by about 70 per cent to £8iibn
while domestic advances were
up by just over a fifth.

Operating profits of Lloyds’
domestic business increased by
22 per cent to £235.4m. Despite
a fall of dose to a fifth in aver-
age base rates during 1981,
domestic banking profits were
-well maintained in real terms.
Higher volumes, increased

market share, wider margins
phis a tight control of costs
were the mam factors.

On a group basis, net interest
income rose by 22 per cent to
£lbn, and other income was 29
per cent higher at £323.1m.
The bad debt charge was 26.4
per cent higher at £85.7m, but
operating costs rose only 17.2
per cent to £878m.

Sir Jeremy said that the
substantial increase in provi-
sions reflected the continued
difficult economic conditions in
many countries, . including
-Britain. He refused to disclose
ihe extent of the bank’s provi-
sions against its Polish loans,
but said that only 8650,000
(£350,600) of interest was over-
due.

Details, Page 16; Lex, Back
Page

CONTENTS

Appointment*

ATI* I

Books PW» .

Briefs*

Chess

Collecting

Commodifies .....

17

12

10

11

11

13

19

Hn. A Family ...

FT Actuaries

Foreign Ex ch an g es
Gardening ... — .
Mow to Spend It
(ml. Co. News ...

Leader

Letters —

Lex

S

22

21

7

11

19

14

U

26

Company News ._

15-17

London Opts. — .

20

Travel

12

Man In the News

28

TV ft Radio

Economic Diary ...

15

Mining

4

UK Nows:

Entertain. Gtrid#

12'

Money Markets —

21

General „

Biro Opts.

17

Motoring —

9

Labour

Overseas Nows ... 2

Property 7

Share information 24-25
S£ Week’s Deals 20-21

Sport .. 13

Stock Markets:

London ... 22

Wall Street — . 18

Bourses ......... 18

7
12

3

4

Unit Trusts' 23.21

Weather 26

Your Savlnga/lmr. 6

Week in the Mkts. 4

Base Ldg. Rates 17

Bldg. Soe. Rates 10

Local Authy. Bds. 20

annual STArararrs

Cm. Jap. In. Tst. 2

New Tokyo In. Tst. 2

INTERIM STATEMBtfTS
Daigetsr V

For latest Share Index p hone 01-246 S026

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OVERSEAS NEWS

Financial Times Saturday Febniary 20 1982

De Beers expected
to win Australian
diamond contract

BY GEO RGE-MILUNG-STAN LEY

PE BEERS’ Central Selling
Organisation seems likely to
assume responsibility for the
marketing of most of the dia-
monds from the Ashton joint
venture in Western Australia,
set to be the biggest diamond
mine in the world.

The plan runs directly
counter to statements made to
the Australian Parliament last
October by Ur Malcolm Eraser,
the Prime Minister.

Mr Fraser raised objections
to the diamonds being sold
through the CSO, thus strength-
ening what he described as a
“South African monopoly.” De
Beers, which was recommended
by the Rio Tinto-Zinc group's
Australian arm CRA, leader of
the joint venture, handles the
marketing of some four-fifths
of world output of rough
(uncut) diamonds.

It seems unlikely, however,
that CRA would have gone so
far as to make its recommen-
dation public without having
some reason to believe that It
would eventually secure Govern-
ment approval.

CRA's recommendation fol-
lows two years of intensive
study and discussions with a
number of other potential
buyers of the stones. But it is
clear that CRA believed De
Beers offered the best prospects.
The proposal is still subject to
the approval of the joint ven-
ture partners, Ashton Mining

Spanish

\

Generals

seek

acquittal

By Robert Graham in Madrid

THE ALLEGED ringleaders of
Spain's abortive coup of last
February 23 rejected any form
of guilt and sought acquittal
on charges of rebellion when
their trial by court martial
opened here yesterday.

A total of 32 officers, includ- Tejero: seized Parlia-

ing three Generals, and one ment 111 session

civilian arc before the 17-man

court. The charges relate to the °r to form a government of
seizure of Parliament in full national salvation.

session on the night of Feb-
ruary 23 and the placing of the
Valencia military region under
martial law.

The prosecution yesterday
sought sentences of 30 years for
the three principal figures in
the plot — Gen Jaime Milans
del Bosch. Commander of the
Valencia military region at the
time of the coup attempt; Gen
Alfonco Armada, number two
in the Joint Chiefs of Staff; and
Col Antonio Tejero, the Guardaa
Civil officer who seized Parlia-
ment and held the 350 deputies
hostage for IS hours.

Other sentences demanded
ranged from 20 years for the
former commander of the crack
Eruneti* armoured division,
Gen Luis Torres Rojas, down
to five years for junior Guordia
Civil officers who joined the
party seizing Parliament at the
lasr minute.

Differences among the alleged
ringleaders became immediately
apparent when written state-
ments of evidence were read
from Gen Milans del Bosch and
Gen Armada. The latter denied
any involvement in the plot
til her to take over Parliament

Gen Milans del Bosch in-
sisted that he had acted solely
on the basis that the King knew
and approved of the plan. Con-
tacts with the King Bad Been
left to Gen Armada. Gen Milans
del Bosch maintained he put
Valencia under martial law
because of the vacuum of power
created by the seizure of Par-
liament

Gen Armada’s written state-
ment directly contradicted this. |
He also denied ever having dis- 1
cusesd a coup in his contacts
with Gen Milans del Bosch and
claimed not to know Col Tejero.

The prosecution case is that
the coup attempt was organised
by Gen Milans del Bosch using
Col Tejero totnke over pPar-
liament. Once Parliament was
seized Gen Armada would take
charge and assume the govern-
ment. Claims of royal invol-
vence are an invention, the
prosecution insists .

The frequent invocations of
the King's support and the
discrepancy between the two
leading generate’ testimony are
likely to be the main sources
of tension during the trial.

David Dodwell, recently in Manila, meets Imelda Marcos

on Butterfly spreads her wings

and- Northern Mining, and of
both the state and national
Governments, which could re-
fuse export licences for the
stones.

It envisages that De Beers
will handle the marketing of all
of the gems, probably around
10 per cent of the total output,
and of 75 per cent of the near-
gem and industrial material.
The remaining 25 per cent of
the lower value goods will be i
sold on the open market

The high proportion of
cheaper stones will ensure that
Ashton, even though it will be
the biggest diamond producer in
volume terms at an annual rate
of some 22.5m carats when it
comes into full production in
19S5, will not rank first in
Value terms.

De Beers said yesterday that
it was "pleased to have reached
the basis of an agreement” with
the joint venture. De Beers has
agreed that the project will re-
ceive the most favourable CSO
commissicp rate.

The plan would ensure that
De Beers retains its preemin-
ence in the world diamond busi-
ness. This position took some-
thing of a knock last year when
the company lost its exclusive
marketing deal with Zaire,
which looks likely to remain the
biggest producer of industrial-
grade diamonds in the world
until Ashton reaches full pro-
duction.

INVESTMENT
TRUST PLC

Summary of the Report for the
year ended 31 December 1981

• Net asset value per share at 31 Decemberl981
was 349.7 pence as compared with 2392 pence a
year earlier.

• Statistics circulated by "Hie Association of
InvestmentTrust Companies show the company as
the best performing membertrust in 1981 in terms
of both net assetvalue and share price.

• Dividend of 150 pence proposed as compared
with 0.95 pencefbrl980; an increase of 57.9 per
cent

• Shareholders’ funds werelOO per cent invested
in Japanese equities at31Decemberl98L '

• Importarrtfeatures in 1981;

(0 The policy of seeking out interesting growth-
stocks in high technology areas remained
unaltered.

09 Recently pharmaceutical, interest rate sensitive
and certain selected consumer related stocks
have been included in the portfolio.

"I am both star and slave,"
said Imelda Romualdez Marcos,
First Lady of the Philippines,
the Rose of Tacloban and self-
styled patroness of beauty, the
arts and discipline, as she sat
prettily on the Louis XV settee
in her Music Room. “ I have to
be a symbol for our people. I
try to approximate the symbol,
but I know in my heart that
I'm just as human as anyone
else."

As wife of President Ferdi-
nand Marcos, one of Asia’s
longest-serving leaders, and as
a formidable political figure in
her own right, Mrs Marcos must
be counted among a tiny group
of women to win international
renown.

A childhood of poverty, first
in Manila and then in Tacloban
in Leyte, was transformed in
fairytale fashion as Intel da’s
beauty, nightingale voice and
iron will made her first the Rose
of Tacloban — winner of a
coveted beauty prize-then at
the age of 23, Miss Manila, and
finally after a wtarlwind 11-day
romance, wife of the then Con-
gressman. and war hero Mr.
Marcos.

Her rags-to-riches story in-
vites comparisons with -Eva
Peron — as does her blatant
political ambition.

As Mr Marcos, now 63, grows
older, so he and the political
community on the Philippines
turn more urgently to the mat-
ter of a successor — and no one’s
name is mentioned more often
than that of his wife.

Mrs Marcos arouses fierce
loyalty and ferocious anti-
pathy. An enchantress as a
hostess, she evokes unmitigated
venom from her political
opponents. Not for nothing is .

Exchange
rates issue
for summit

By John Wyles in. Brussels

PRESIDENT REAGAN has
agreed to discuss proposals
for closer international co-
operation to deal with
exchange rate problems at
the Western economic sum-
mit In Versailles In June.

This undertaking was pre-
sented in Brussels yesterday
by Mr Wilfried Martens, the
Belgian Prime Minister, as
one of the main fruits of his
talks at the White House on
Wednesday. As the current
president of the European
Community's Council, Mr
Martens had been mandated
by the 10 to stress their con-
cern about high U.S. interest
rates and the Instability of
the dollar and to urge a more
collaborative approach to
these problems.

Mr Martens's main achieve-
ment was to have won presi-
dential agreement to put It
on the Versailles agenda. 1
This still leaves the EEC with
the task of persuading the <
UJS. to abandon its reluctance
to stabilise the dollar through I
intervention In the foreign (
exchange markets.

It is donbtfnl whether this '
can be achieved in the pre- t
paration for the summit Mr
Martens' said the issues would <
be dealt with in the normal
way by the Government i
representatives who do the ]
groundwork for the summit. ]
He did not disclose details
of the proposals for greater i
co-operation which he ontlined ]
to Mr Reagan. He did say, 3
however, that one aspect i
covered the need for new f
relations between the dollar 1
the yen and the currencies of t
the European Monetary
System. i

She called “the Iron Butterfly."

But in her inusic room, only
the butterfly is immediately
apparent At 52, she Is still
tremendously attractive. Her
hair may have to be dyed a
little, but her complexion is
still perfect and she loves
expensive jewellery and beauti-
ful clothes. It is said that Mrs
Marcos never wears a dress
more than once.

“I have always" been contro-
versial,” she said, clutching a
simple red and white cushion
in her lap. “I bare always
fought for the good and the
beautiful.' 1 am a soldier for
beauty- But you can't achieve
beauty without disc'ipUne.”

The mood created in the
music room around her bore
witness to this commitment to
beauty and discipline. Beside
the grand piano, amid photo-
graphs and sketches, the
mounted head of a Greek god;
vases and bowls from China and
ancient Europe; huge arrays of
sheeny crimson anthericum
lilies, one alongside a potpourri
of overpowering jasmine petals;
two chrysanthemum plants,
carved out of jade, with micro-
phones poking out of the petals
— ■“ The - . President • always
insists on taping what 1 say, so
that he can hear whether I have
said anything silly or not/’

Mrs Marcos' preoccupation
with beauty seems to form an
important part of a distinctive
political philosophy, and she
discusses ir with a fluency verg-
ing on the gregarious. “The
Filipino people are graceful in
nature, they are in rhythm with
the currents of nature and have
to be gracefully evolved.

"Politics is, the most beaiiti-.’
fui and Tnnst comprehensive, of

arts if it is people-oriented and
truly selfless. But if the object
of politics is * me,’ then it is an
ugly art Our ultimate goad
is not measurable by economic
indices, but by visibles, in the
smiles and happiness of the
people.”

The recent Manila Film
Festival, which cost the Fili-
pinos an ‘estimated $lQ0zn
(£54m) and -brought them few
apparent benefits, is a good ex-
ample of Mrs Marcos’ commit-
ment to the. development of
beauty as a high political pri-
ority.

“Our goal is not extrava-
gance but beauty.” she insisted.
"I will be attacked again for
backing the film festival, but I
will win in the end, because
film is the industry of the
future. In the future there will
be more time for leisure and
recreation, and film will come
into its own because It is the
total medium of communication.
It wiH bring the world to us,
and take the Philippines to the
world. 1 *

Another example erf Mrs
Marcos’ idiosyncratic approach
to economic growth and pov-
erty alleviation is her recent
purchase of $5m of antique
furniture in New York. The
plan is evidently to bring the
antiques back to the ..Philip-
pines so that Filipino crafts-
men can copy the designs, and
then export modern u antique ”
furniture.

Whimsical though such ideas
might seem, they have to be
taken very seriously in the
Philippines, since Mrs Marcos
has become a lady of immense
power. Never satisfied simply
to adorn the arm of the Presi-
dent, Mrs Marcos. has for many
years been an informal ambas-

sador and plenipotentiary for
..her country.

At home, as head of the
Ministry of Human Settlements,
she has power almost without
limit This Ministry, perhaps
now the country's largest and
certainly its fastest-growing,
has powers which cut across
every other Ministry.

One observer recently noted
with some justification that Mrs
Marcos’ ministry' was regarded
by other ministries as “a
bottomless pit for spending
large sums of money on low
priority, high publicity pro-
jects.”

The '• newly inaugurated
National Livelihood Programme
— the Kilusa ng K abuhayan at
Kaunlauran (KKK) — illustrates
the basis of suCh accusations.
With a budget of Pesos 2bn
(£l31m), the programme is
funded by the Ministry of
Human Settlements and aims to
encourage rural development
and private enterprise in
villages.

Critics see the programme as
a “pork barrel” for the dis-
persal of political patronage.
One foreign diplomat, admitting
that it was still too early to
reach conclusions abo ut its
value noted: “The KKK is the
perfect perk barrel, whether it
is used that way or hot. It
provides Imelda with the means
to spread her grass roots sup-
port and to apply political
leverage right down to the
barrio (village) levfeL”

But Mrs Marcos’ apolitical
ambitions stretch far beyond
the Ministry of Human Settle-
ments. .In recent years, it has
been widely believed that Mr
Marcos was grooming L -his wife
as a successor. She is said to

Jm

, imelda Marcos: “I am both star and slave”

have been deeply disappointed
when Mr Cesar Virata, the
country’s highly reputed
Finance Minister, was appointed
Prime Minister late last year.
She is alleged to have sought
the post for herself.

Mrs Marcos categorically
denies these reports: “ I did not
want to be Prime Minister. I
think that with President
Marcos there, that is enough. I
have come to a stage in my life
when I don’t need positions.
Formal positions and cutting
ribbons are such a waste of
time. 1 can service this
country with more totality, with
more time and commitment,
with no office."

Further, she claimed that Mr
Marcos- saw no role for her
when he stands down. “ I have
no place In his plans — I'm not
in his five-man executive. I

have no care for that I have
only one belief, and .that is in
the people.”

However, as Mr Marcos’s
health becomes less certain,. so
it may become irrelevant
whether she has the President's
blessing or not Mrs Marcoe.now
has enough patronage and in-
fluence to launch a bid for
power-, independently of the
President Whether ahe-wiH-
choose to do so. and what tfhe
reaction of the Filipino people
would be to such a bid, has stilt
to be seen.

One this is certain. She does
not feel her sex should be a
barrier to power. "Women
must be there in power, too. As
the ones who give birth to life,
we are the ones that not only
nourish but cherish life. People
look to roe as first lady as the
mama of the country.”

Mexico stock exchange welcomes peso float

BY WILLIAM CHISLETT IN MEXICO CITY

MEXICAN businessmen yester-
day applauded the Government's
decision to allow the. peso to
trade freely on foreign exchange
markets.

But trade unionists were more
critical arrd may demand an
extraordinary wage increase to
compensate for the expected
sharp rise in -prices.

" The depressed Mexican stock
exchange staged a dramatic
rally in the wake of the down-
ward float, which has so far
reached. 30 per cent. Trading
yesterday showed Kttle change
from Thursday. Banks traded
the peso in the range 37-38 to
the dollar. The rate was 26.75
on Wednesday.

The 42 price index, which has
plunged almost 250 points since
the end of 1981, rose 179.7
points on Thursday and stock-
brokers expected the rise to
continue.

Despite the fact that many
companies will be hard hit by
the devaluation since they have
large dollar debts, all share
prices rose;

Even the shares "of ' Alfa,
Mexico’s largest private sector
holding company which is under-
going serious problems after
amassing an external debt of
$2.3bn (f 1.24bu); rose ;a few
centavos. .

Shares of mining companies,
which trade in dollars, shot up

over 60 per cent
The stock exchange rally,
stockbrokers said, reflected the
private sector's relief that the
peso had finally been devalued;
Companies had been anticipat-
ing a devaluation for some time,
despite Government assurances
to the contrary.

-The Government is anxious
to avoid repeating the mistake
made after' the 40 per cent
devaluation of the peso in 1976.
Its effects were wiped out by
spiralling inflation caused" by a
lack of price'controls and a-higb
wage increase:- '

The Finaiwe and Planning
Ministers are due to announce
further measures which could

include further price controls,
a small extra wage increase and
cuts in the budget to slow down
economic growth to less than
this year’s targeted 5-6 per cent.

. Popular reaction has been
much calmer than in 1976. This
Is probably explained by tbe fact
"that many people have been
preparing for a devaluation and
have changed their pesos into -
dollars. There were more new
deposits in January m dollars
than Jut pesos.

. The central bank is ke.eping
silent about its- reserves. But
internationi bankers said there
had been a fresh spate of short
term borrowing by public sector

agencies in the past few weeks.

Bankers were convinced the
money was going to prop up the
reserves, which they said were
bring bled by outflows of
capital and the high cost of
sustaining an artificial exchange
rate. . :

One representative of a major
U.S. hank said many public
agencies were having to pass
on their dollars to the central
bank. “ They were just financ-
ing capital flight through bor-
rowings" he said. “It could
not go on for ever.”

The wealthy Mexican paHtf'cal
class has been taking advantage
of the cheap dollar to buy
property in the UjS.

Loyalty problem
for Ministers
in Zimbabwe

By j. D. F. Jones in Safisfcury

THE THREE remaining
Patriotic Front members Who
■are Ministers or Deputy
Ministers in the Zimbabwe
Government will this weekend
deride whether to desert their
leader, Mr Joshua Nkomo, who
was 'dismissed in a political
showdown this week.

Mr Nkomo and three other
dismissed Ministers were
yesterday followed out of the
Government by their colleague,
Mr Clement Muchachi, the I
PubBc Works Minister. . |

' One of the Deputy Mardsters
who have not yet left Mr
Robert Mugabe's Government,
Mr Cephas Msipa — who was for-
merly employed dn the Lomrho.
group — has spoken of ins-
loyaflily to the nation rather
than -the party.

Zimbabwe was reported to be
peaceful yesterday

Poles warned against resistance f Former HK

NEW TOKYO
INVESTMENT

by David buchan

THE POLISH Government said
yesterday that “ sinister ”
slogans encouraging resistance
to martial law could lead to even
tighter military rule.

Mr Jerzy Urban, the Govern-
ment spokesman, was comment-
ing in the daily newspaper Zycie
Warszawy on the appearance of
the slogan “the Winter is youis
but the spring Will be ours ”
painted on walls or circulated in
leaflets.

The introduction of martial
law had “ corked the imp Inside
the bottle,” Mr Urban said. “ If
the slogan ' the spring will be
ours’ is put into effect in any
form whatsoever, tbe cork is
bound to be pressed deeper and
harder."

The military authorities. late
last week mounted a big show
of force to impress on the papu-
lation that .martial law rules
were not to be flouted. Some
3,500 people were temporarily'
detained and several thousand
more lined, chiefly for breaking
the night curfew.

A handful of Catholic priests
have also been detained, but
speculation that the Government
is. about to crack down on
church, sympathisers with the
suspended Solidarity movement
is largely discounted on the
ground that General Jaruzelski
cannot afford to antagonise the
powerful Polish church.

. A leader of West Germany’s
conservative opposition party
yesterday called off a planned
trip to Poland. Herr Walther
Leisier Kiep. deputy parliamen-
tary leader of the CDU, said he
did this because be had been
refused a chance to meet Mr
Lech Walesa, the. detained
Solidarity leader.

Meanwhile, the Soviet State
Bank yesterday announced that
the Polish zloty was being
devalued by eight times relative
to- the Soviet rouble on ** non-
trade payments.” Thus, 100
zlotys would now be worth 2.78
roubles, instead of 22^0 roubles.

Western- experts said , the
move had little importance,

except for tourism between the
two countries and for Poles
and Russians living in each
other’s countries. But this
limited devaluation, which
follows a general devaluation by
Poland at the start of the year,
might lead to similar adjust-
ments of the zloty against other
Eastern bloc currencies.

Stewart Fleming reports from
Frankfurt: Poland is due to
repay DM J.4bn «32Gm) of
interest and capital on’ Govern-
ment guaranteed debt the West
German' Government disclosed
yesterday in response to a
parliamentary' question.

East European Communist
countries owe a total of
DM 18.6bn, of which DM 11.8bn
is owed to banks according to
Government figures. This does
not include the debts of foreign
subsidiaries of German banks

The Government said that the
total indebtedness of the East
European bloc to Western
industrial countries is estimated
to have reached $80bn (£43bnj.

Unions reject Renault pay offer

BY TERRY DODSWORTH IN PARIS

Summary of the Report for the
period ended 31 December 1981

• NetassetvaFuepershareat31Decemberl98I
was!24.3 pence; the shares were issued on

2 December 1980 atlOO pence per share.

• ’Statistics circulated by The Association of
InvestmentTrust Companies show the company as
the fourth best performing member bust in 1981 in
fermsofnetassetvalue. ■

• No dividend is proposed; capital appreciation is
the primary objective of the company.

• Shareholders' funds were 98 per cent invested
in Japanese equities at 31 December 198L

• Importantfeaturesinl981;-

(0 Portfolio nowconsistsofholdingsin42smallto
medium sized Japanese companies.

05 Substantial exposureto newtechnology,
particularly in office automation and industrial
electronics has been an importentfeature of
investment policy.

RENAULT, the French motor
group, yesterday offered its
100,000 workers an 11 per cent
pay increase for this year, fall-
ing broadly into line with the
G overament’s dnti - Inflation
■plan. The offer was immedi-
ately rejected by the trade"
unions.

The company’s offer was
based on the system advocated
by M Jacques Delors, the
Economics Minister. This allows
for four quarterly rises which
presupposes a given rate of
inflation, with the possibility of
an upward readjustment if
prices rise faster than forecast

Similar proposals were made
recently by the Government to
the civil service unions, which
are due to resume talks on a
10.5 per cent offer next week.

In the case of Renault the
man agement proposed two 3 per
cent increases dated from
February 1 and May 1, followed
by 2.5 per cent rises at the
beginning of August, and
November. The company
promised to aim at maintain-
ing real take-home pay, but
said ■ that this should depend
partly on its profits record.

The unions rejected the offer
on the grounds that it had been,
based on the INSEE national
statistics office figures for price
inflation, which are claimed to
give a biased picture. The
unions also refused to accept
that pay should be linked to
profits. "

The company’s move, how-
ever, is an important pointer
to industry’s efforts tb restrain

wage rises this year, when extra
costs can be expected from the
wider introduction of the 39-
Jhour working week. Salaries
roughly kept pace with the 14
per cent rate of inflation last
year.

Meanwhile, although many
strikes are still continuing over
the shorter working week issue,
the conflict is beginning to lose
Its intensity.

Following the intervention of
President Francois Mitterrand 1
last week, when be said that no
workers should lose pur cha sing
power as a result of cutting the
working week from- 40 hours to
39, several companies have
signed agreements which main-
tain salaries while introducing
the shorter week.

Nantes sets up town hall teledata

BY TERRY DODSWORTH IN PARK

Copies of these reports may be obtained from EDINBURGH FUND MANAGERS IMTED
4 Meh/ille Crescent Edinburgh EH3 7JB. Telephone: 031-226 493L

NANTES, In western France,
has launched a hew experiment
in television screen data
systems designed to give its
citizens access to specifically
local information.

The experiment, finance! by
the city with some help from
the national telecommunications
authority wd the Datar regional
aid organisation, follows the
trial of a similar system for
individual households at Yelizy

-in * the Paris region. Both
systems involve the -use of
television type screens, which
put out information requested
by users via a keyboard.

At Nantes, all the 30 screens
will -be sited in .public locations,
such as the town hall, post
offices and youth centres. Access
is entirely free. Users can
choose between a variety of
subjects from municipal ser-
vices to education, sport, health.

building legislation, unions
Tbe Mea arose from a town
hall survey which showed that
about 15 per cent oF the requests
received daily by the town hall
were outride its area of respon-
sibility. At the same time, the
introduction of the public
screens goes same way to meet-
ing the Socialist argument that
all levels of society sbbuld have
acce«i to new technological
developments.

securities
| chief bailed

s THE FORMER head of Hong
l ' Kong’s watchdog committee
' on the local stock markets
and securities exchanges, Mr
Uisdein Mclnnes, has been'
released on bail after being
arrested by the colony’s anti-
1, corruption commission,
i Renter reports from Hong
Kong.

Mr Hdnnes, 49, said he vrs
assisting an investigation into
an allegation that he hiri
lived beyond his means. .

The Independent Commis-
sion. Against Corruption said .
that Mr M dunes had been
arrested under a section of "a
prevention- of bribery ordi-
nance that covers maintaining
a standard of living above
what is commensurate with
official emoluments while a
civil servant.

He was first questioned on
Wednesday, then arrested and
released on Thursday night
on bail of HK$25,000 (£2,300).
The Commission said no one
had been charged and invest*- -
gallons were continuing.

New Finnish PM

- Finland’s new Government
. sworn in yesterday, Is led by
Mr Kalevl Sorsa, a Social
Democrat, - Lance Keyworth
writes from Helsinki. Another
Important change in the
coalition Cabinet is the
appointment of Mr Per Sten*
back, of the Swedish People’s
Party, as Foreign Minister. -

Wage talks collapse

Wages talks in the West
German metal working Indus-
try. which encompasses both
the. car and engineering in-
dustry, collapsed yesterday,
Stewart Fleming writes from

- Frankfurt Negotiating com-
mittees for the employers in
three key regions met yester-
day and declared a break-
down in the talks on * the 1
grounds that L G. Metal, the
2.7m-stnrag union, had dis-
played no willingness to
compromise

Strike strategy talks

Portugal’s main trade onion
confederation met yesterday
to work out a strike strategy
alter the - pr»Sovlet Com-
munist Party unveiled plans
to step up lahour unrest to
try to bring down the Govern-
ment, Reuter reports from
Lisbon.

3

Financial Times .Saturday February 20 1982

UK NEWS

John Hunt reports on the Commons’ announcement of De Lorean’s receivership

&$£ ■

i'rmer

.I’l-iirfe

■iiiil'N

last year despite Prior says no to more aid but offers some hope

nse

BY ROBIN WUJLEY

.‘ECONOMIC activity- the UK
fell by 2.7 per cent last year
: compared with that of 1980. But
[there was a sBght rise is each
'of the last two quarters, after
two years of consistent decline .
tin the underlying level of total
^output. -

-Central Statistical Office,
.^figures published yesterday
.Show that real Gross Domestic

Product— based on output data,
the best short-term measure of
-economic activity — increased
by 0.5 per cent in the fourth
quarter of last year, over the
third quarter.

The Index for the fourth
quarter is estimated at 1043 (at
constant prices, with 1975 =
100. and seasonally adjusted).

The rise follows a 0.3 per

cent increase in the third quar-
ter. That rise, like the other,
was almost wholly accounted
for by greater output of oil
and gas. ■ Although the reces-
sion seems ;-ti> have tailed off,
the . figures -Indicate that the
recovery is so. far vexy modest
and r eiy.siow.’ There are signs
of small increases in activity
in transport and the distribu-
tive and motor trades, but the
rest of the non-energy economy
is static.

The 'figures : do little to 619-
port the Government's cautious
optimism that a sustained, if
modest, recovery is under way,
although the worst of the reces-
sion is dearly over. Output is
still 7 per cent lower than when
the Government took office and
is scarcely higher than the 1875
level once the beneficial effects
of North Sea oil and gas output
are set aside.

A further setback for the
Government was the recent in-
dustrial output figures, winch
showed that any recovery which
might have started in industry
earlier in the year started to
falter towards its end. Indus-
trial production feH by I per
cent in December, compared to
November, after a 1.7 per cent
fall in November, compared to
October.

Any analysis of the state of
any recovery this year will be
douded by the effects of strikes
and of the cold weather. .

THE GOVERNMENT does not
intend to give further financial
assistance to the .-Belfast-based
De Lorean car company, Mr
James Prior, the Northern Ire-
land Secretary, ' told the
Commons yesterday, when he
announced that the company
had gone into receivership. -

He said -, that! - after the
expenditure of £80m on the
project by successive adminis-
trations, the tune had come
"when tiie Government just
had to say' no.” To do otherwise
would have imderminded. the

During' the exchanges, Mr Prior disclosed that he is reviewing the possibilities of tax
concessions, particularly on corporation tax, to attract new industry to Northern
Ireland. Mr Peter Hordern (Cm. Horsham and Crawley) suggested concessions might
provide a better contribution to the prosperity of the province. Mr Prior replied: “ This
is something I have under review. It presents a number of problems if one seeks to
go a different way in Northern Ireland to the rest of the UK. Bnt one of the
attractions of the suggestion is that it would bring us more into line with the Republic
which has been more successful than us recently in attracting invesments ”

credibility, of the Government’s
entire strategy in, Ulster.

At. the same time, however,
he emphasised that the Govern-
ment is pinning its hopes on
the receivers attracting enough
private capital to put the com-
pany on a sound financial
footing.

But he warned that “ substan-
tial farther finance ” would be
required, and that there could
be ho guarantee that a secure
way ahead could be found by
reconstruction of the company.

Mr Prior said that right up
to 8 am yesterday Mr John De
Lorean had still been hoping
for a telephone call from the
U.S. with a promise of a capital
injection which would have

averted the need to call in the
receivers.

As worried MPs bombarded
him with, questions for 44
minutes, Mr Prior gave an un-
ruffled performance, keeping
tempers cool and avoiding what
could have been a very tricky
situation for the Government.

On the chances of success for
De Lorean, he said it would be
quite wrong to be too optimis-
tic. “We have a lot of difficul-
ties ahead but the events of
this morning show me that
there is more goodwill to try
and reach some successful posi-
tion -than -one might have
thought possible over the past
few weeks.

“I hope that all concerned
-will now work together to ex-
plore the scope for establishing
a viable realistic and financially
secure basis on which the pro-
ject might survive and continue
to provide much-needed employ-
ment”

The receivers, he said, would
do everything possible to main-
tain the company—” certainly
that is our wish and -our inten-

tion, but it will have to be done
by an injection of capital from
outside."

Success would depend on the
receivers making satisfactory
arrangements with one or other
of the parties now negotiating
with them.

Labour and Conservative
Governments had done every-
thing in their power to help
the company. It would be abso-
lutely wrong, and unhelpful to
the receiver, if there were a
suggestion now that further

Government money would be
available. “ I must keep to that
particular point” Ur Prior
stressed.

He was urged by Labour MPs
not to close bis mind to the
possibility of further Govern-
ment aid. On the Conservative
benches there was general

relief that the Government did
not intend to make more public
funds available.

From MPs of all .parties, how-
ever, there was extreme concern
about the position of companies
in their constituencies which
supply parts to De Lorean.
There was also widespread
worry about the repercussions
on employment.

Some MPs suggested the
Government should come to the
aid of UK suppliers who would
be particularly badly hit. Mr
Prior promised that he would
have talks about this with Mr
Patrick Jenkin, the Industry
Secretary, and Mr Norman
Tebhrfc, the Employment Secre-
tary.

He said there had been *‘ con-
siderable management and
marketing” mistakes in the
company through aiming for
sales in the UjS. as great as
18,000 to 20.000 cars a year. A
fundamental mistake by man-
agement had been to introduce
a second workshift to achieve
such targets.

Mr Prior thought that a more

realistic figure would be S.500
to 9,000 a year. Mr Stephen
Ross. Lib., Isle of Wight,
thought the figure should be
even lower, probably 5,500 to
6,000. But Mr Prior rejected this
aud said production at that level
would be unprofitable.

One of the most unsatisfactory
parts of tbe structure of the
business had been the relation-
ship between the American
company and that in Belfast,
said the Secretary of State.
“Certainly, the receivers will
not be satisfied with the present
arrangement,” he added.

In his statement, Mr Prior
said that the reports which the
Government bad commissioned
on 'the prospects for De Lorean
showed the company had some
solid achievements to its credit.
Nevertheless they also showed
that the company was insolvent.

He had met Mr De Lorean
and the directors on Thursday.
They told him that, while there
were a number of promising
lines of discussion with parties
interested in investing in the
business, none could be con-
cluded in time to cope wkh the
immediate cash crisis.

There were cheers from Con-
servative MPs when the Secre-
tary of State said that he had
told Mr De Lorean there was
no question of further public
money. Mr De Lorean had been
in no doubt about this for the
past three weeks.

It was agreed that the com-
pany had no alternative but to
appoint receivers. Sir Kenneth
Cork and Mr Paul Shewcll.

They had made it dear that
their object was to secure a
reconstruction of the business
and to carry on a limited pro-
gramme of production. Mr Prior
welcomed <ihis and hoped it
would pave the way to mainte-
nance of employment at the
plant.

The receivers had also asked
that— in the light of Mr De
Lorean’s offer to put $5ni of
new resources into the Ameri-

can company — the Government
should agre to the withdrawal
of certain guarantees made by
the American parent company
to the Belfast manufacturing
company.

Mr Prior said he had agreed
to this because the American
company would be insolvent
without the injection of Mr De
Lorcan’s personal investment.
Therefore the Government was
surrendering nothing of prac-
tical value.

The receivers had made it
dear that serious negotiations
with interested parties were
under way.

The Northern Ireland Devel-
opment Agency would Behaving
no further connection with De
Lorean because the receivers?
would have to set up a fresh
company which would be their
responsibility.

Print union dispute may
close Northern Press

Picking up the pieces of one man’s shattered American dreai

BY JOHN GRIFFITHS

BY BRIAN GROOM

THE NORTHERN PRESS, a
division of the Westminster
Press provincial newspaper
group, warned yesterday that it
faced closure because of a
dispute with members of the
National Graphical Association.

The division, which publishes
the evening Shields Gazette,
four weeklies and a free-sheet
at South Shields, wants to cut
the earnings of NGA com-
posing-room members in a bid
to stem its losses. These were
£200.000 in 1980 and £385,000
last year. A loss of £300,000
is forecast for this year.

The company argued that
productivity of these workers,
whose daytime staff earnings
averaged £227 a week, was well
below that of comparable pro-
duction centres.

The dispute began last Nov-
ember. Management eventually

dismissed those workers who
had stopped all flexible working
and rejected a final package to
improve productivity and Jnmt
their earnings to £16O-£170.

Mr Bob Fairfax. NGA branch
secretary, said his members
accepted that the company was
in difficulty and were prepared
to take a wage cut The dispute
was over how big it should be.

John Lloyd adds: Tbe
National Graphical Association,
the main print craft union, has
voted to accept the 5 per cent
pay offer to printers on national
newspapers.

Of the four print and two
.maintenance muons in Fleet
Street only two have voted
against acceptance. These are
the warehousemen’s union
Sogat and the electricians*
union, the EETPU.

Nissan talks on UK car
plant remain stalled

BY KENNETH GOODING, MOTOR INDUSTRY CORRESPONDENT

NISSAN of Japan has farided so
far to reach agreement wn*h the
UK Government about terms
for a Dateun car plant in
Britain, although negotiations
were expected to enjl tins
lvccfc

Before he left Britain yester-
day, Mr Masataka Okuma, the
Nissan vice-president heading
the negotiating team, said some
progress had been made but
“there are still some problems
on which Nissan and the
British Government have dif-
ferent views.”

Tbe problems are believed to
involve the level of local com-
ponent content in the cars if
Nissan ware to go ahead with
its 200,000-cars-a-yeaa: project.

The Government: has con-
sistently told Nissanit wel-
comes foreign investment in
Britain, but only if it benefits

the UK economy.

The Nissan team fad two
days of talks tins week widh
Department of Industry o ffi c ial s.
Mr Patrick Jenkin, the Industry
Secretary, took part an the dis-
cussions for the first rimtf ssnoe
be entered office.

The department described tire
discussions as “amicable" and
insisted, “ both the UK Govern-
ment and Nissan would like tire
project to go ahead if the right
formula could be found.”

Contacts between the two
sides will continue but a deci-
sion by Nissan about tire
project, involving a total outlay
of between £3 00m and £400m,
looks unlikely tins month.

A number of previous delays
indicates Nissan's difficulty in
seeking a vaahle formula. A deci-
sion had been scheduled, rather
optimistically, for (last summer.

THE HIGH-FLYING , dream of
John De Lorean, to become the
first American to make a suc-
cess of founding a major car
company for 50 years, hit the
ground yesterday with a thump.

It had . been borne aloft on
the gull wings of his $25,000
stainless steel sports car — an
“ethical” machine with a 25-
year life. Americans would buy
20,000 of them each year.

The Belfast plant making
them carries on — for the
moment — but with a very differ-
ent figure at the controls.

Sir Kenneth Cork, the best-
known receiver in the business,-
believes he has about five weeks
at most to put together the £40-
| £50m be estimates is needed, if
the project (intowhich the Gov-
ernment has sunk £87 m in cash
and £10m in bank guarantees)
is to have a long-term future.

Yesterday he was hopeful He
said he was talking seriously to
a number of big potential inves-
tors in both the Northern Ire-
| land manufacturing Concern
and the parent company which
sells the car in the U.S.

The immediate problems con-
fronting th& receivers now
include how to persuade the
company’s several hundred sup-
pliers not to cut off such sup-
plies as are still needed for a
much-reduced level of output
Most of them are based in the
UK, with the notable exception
of Renault which provides
engines and transaxles.

Equally urgent is the ques-
tion ’ of securing immediate
funds to keep the operation tick-
ing over.

Sir Kenneth wants to avoid
shedding any of tbe plant’s
workers. He said he would
apply to the Government for a
short-term grant of working
capital. But, at. tbe same time,
Mr Prior was making it dear

The rise and fall of De Lorean Motor Company

• October 1975: De Lorean
Motor Company is farmed in
Michigan by John Z De
Lorean Corporation to design
and develop the De Lorean
sports car and set up a UjS.
dealer network.

• July 1978: DMC enters
agreement with then-Labour
UK Government to set np
manufacture in Belfast with
£53m in loans, grants and
equity.

• October 1978 : First ground
.broken at Danmnny, Belfast,
site.

O 1979: Lotas Cars used to
develop final version of car
for production.

• July 1980 : De Lorean
misses scheduled production
start-up as a result of develop-
ment problems.

• August 1980: A farther

£14m loan is negotiated with
Government, leading to politi-
cal criticism of Government’s
decision to provide it.

• February 1981: production
getting under way, but row
breaks ont over De Lorean
claim that tjtie £14m loan of
the previous year should have
been treated as grant. Rela-
tions between the Govern-
ment and De Lorean become
strained.

• February 1981: Govern-
ment agrees to guarantee
£10m in bank loans.

• May 1981: car launched in
UJS. to some criticism of
quality but starts to sell at a
premium.

• July 1981: first royalty of

paid to Government.

• August 1981: public share

issue to raise $2 8m prepared
but postponed.

• October 1981: police probe
allegations of financial irregu-
larities, but company is
cleared of criminal miscon-
duct.

• November 1981: sales start
to falter, provoking cash flow
difficulties.

• January 1982: more modest
share flotation abandoned.
De Lorean applies unsuccess-
fully for £35m in export
credits. At end of month,
company makes M00 workers
redundant

• February 18 1982: De
Lorean board meets Northern
Ireland Secretary James
Prior for “ decisive ” meeting
on company's future.

• February 19 1982: Volun-
tary Receivership announced.

JOHN DE LOREAN

in the Commons that no further
financial help would be avail-
able.

The company is understood to
have run out of cash and to owe
about £Slm to suppliers, some of
whom have not been paid far
up to nine months.

Mr De Lorean is understood
to have offered to put in $5m
(£2.7m) of new resources, under
conditions tbe precise details of
which remain unknown. Tbe
company’s revenue of just
under £500,000 last month from
the sale of 340 cars must also
be set against a wage bill of
about £600,000 a month alone if
the workforce is not to be cut
back sharply. No one yet knows
what the effect of receivership
will be on sales.

The rescue attempt is bring
made through a new trading
company which is being estab-
lished immediately. The hope
is that — since the receivership
was voluntary, requested by
the De Lorean board itself
rather than by creditors— the
confidence of would-be buyers
of the car will not be too badly
damaged.

That hope constitutes a moot
point. Just before he left for
the U.S. yesterday morning. Mr
De Lorean acknowledged that
receivership “is a devastating
word.” The American public, he
suggested, “doesn't understand
the difference between volun-
tary and enforced receivership.”

In the circumstances. Sir
Kenneth’s estimate of the time

available for finding a big new
investor appears generous. The
main hope seems to lie with a
group of U.S. investors on the
West Coast, who remain uniden-
tified but who are believed to
be capable of famishing most
of the sum required and to in-
clude private banks. “The
names they are indicating as
being behind the syndicate are
very substantial," said Sir
Kenneth.

A lot more than cash depends
on the receivers' success. Un-
employment in Northern Ire-
land is over 20 per cent, with
levels of ’ nearly 45 per cent in
Catholic areas close to tbe Bel-
fast plant.

The 1.500 remaining jobs at
De Lorean — 1,100 workers were

paid off a week ago — are de-
sperately needed. Primates of
the consequent job losses among
UK suppliers range between
4,000 and 7.000. Many of the
lay-offs will be in the West Mid-
lands components industry,
which has already lost thou-
sands of jobs through contrac-
tion in other parts of the British
motor industry.

Among the biggest suppliers
are British Steel, which pro-
vides stainless steel for the
car bodies, and which is under-
stood to be owed about £2m:
GKN. which makes the cars'
steel backbone chassis and some
mechanical components, and is
believed to be owed about £lm:
Lucas Girling: Goodyear and
nearly 300 smaller suppliers.

The biggest private creditor
however, is Renault, which sup-
plies the cars’ V6 engine and
transaxle. The company did not
comment yesterday on what it
was owed, but its supplies are
covered by French government
export guarantees.

Trade Indemnity, the UK
credit insurance concern, con-
firmed that it. is covering about
£Im of trade credit to De
Lorean, mostly to do with one
leading unidentified British
supplier.

Much the biggest creditor is
the British Government. It is
owed a total of £20.7m for loans,
and stands guarantor of £10m in
private hank funding. The rest
of the total government £77m
backing is made up of a
£ 1 7.757m equity stake in the
Belfast manufacturing sub-
sidiary and about £I9m in
grants.

The Government holds first
lien on the Belfast plant and
all its equipment. Thus, in the
event of the receivers securing
a buyer, it will either lease tile
assets to any new owner or sell
them, or will receive a share
payment from the receivers in
the case of their sale.

Whatever .the result of the
receiver’s efforts, if the com-
pany does survive as a going
concern, it will be at a level
of output half of the planned
20,000 annual volume, at best.

The U.S. market perceived
for the cut is now about S.000, at
which level the company is
regarded as viable, with 1,500
workers.

As for Mr De Lorean himself.
Sir Kenneth wants him to con-
tinue to head the selling opera-
tion in the U.S., although the
terms are not yet clear.

“He is undoubtedly a- sales-
man." says Sir Kenneth, “and
be did have the dream."

Court of Appeal hears
ACC evidence in private

BY RAYMOND HUGHES, LAW COURTS CORRESPONDENT

THE COURT of Appeal yester-
day sat in private for nearly
three hours considering legal
argument about sensitive new
evidence by Mir Robert Holmes
i Court on -the financial situa-
tion of Associated Comtounsca-
taons Corporation.

It is understood that tire
evidence included the, as 3 jet.
unpublished offer document for
die first bid by Mr Holmes a
Court’s Bell Group for ACC.

The court had previously
been told that the document
was not available because it had
not yet been sent out to ACC’s
shareholders.

Lord Justice Lawton sawl
that it was with regret tijat the
court closed its doors to the
public, but it was necessary to
do so for tire proper administra-
tion of justice.

Only tire parties to tire
pote, ■their lawyers and financial
advisers were allowed to
remain.

Lord Justice Tempi eman said
he had one question about the
new evidence to put in open
court to Mr S. A. Stamler, QC,
who leads the legal team of the
Heron Group which is a rival
bidder for ACC.

“Having read this, are you
still prepared to pay 90p ?"

*’ Yes,” said Mr Stamler. 11 We
are not frightened.” »

On Thursday. Heron had
announced that it was increas-

ing its offer for ACC from 85p
to 90p.

Lord Justice Tempteman said
he thought it might be com-
forting to members of the
public to get an answer to his
question before the court went
into private session.

During the hearing of Heron’s
appeal against the High Court
refusal • to make temporary
orders preventing the ACC
directors transferring their
shares to Mr Holmes i Court
Mr Holmes & Court has stated
in evidence that ACC’s finan-
cial position is continuing to
deteriorate^

Mr Stamler has been scep-
tical about that — and of the
suggestion that when, bn
January 13. the directors com-
mitted themselves to . Mr
Holmes J Court, the company’s
problems necessitated urgent
and immediate action.

Yesterday, Mr Stamler sug-
gested that what was troubling
Mr Holmes a Court was the
financial responsibility for ACC
that Bell had assumed.

But that responsibility had
been assumed knowingly and
willingly, when if was known
that wbat had occurred was
being challenged.

If there had been any
urgency, it was odd that, a
month, after Bell had provided
£10m revolving credit for ACC.
that facility had not been used-

The hearing wfil resume in
open, court on. Monday.

Daily Mail
fined for
contempt

THE PUBLISHERS of the Dally
[Mail were fined £500 in the
High Court yesterday for con-
tempt of court in publishing an
article on. “the sanctity of life”
during the znongol baby trial
last year. But no penalty was
totposed on the newspapers’
editor. Mr David English, who
[had also been found guilty of
contempt.

Lord Justice Watkins said Mr
English was away from the
, office when the article, by Mal-
colm Muggeridge. was being
prepared for publication and
could not in any way be said
to fee personally responsible.

The article appeared -on the
third'day of tbe Leicester Crown
Court trial of Dr Leonard
Arthur, who was subsequently
acquitted of attempting to mur-
i der a ntoogol baby.

Lord Justice Watkins said:
“The absence of bad faith has
weighed very heavily in favour
of both the editor and the
, owners of the Daily Mail.” But
! he added: "We feel that discre-
tion demanded a sharper cut-
ting edge to the editorial
knife"

_ Journalist Jack Lundin, who
refused to reveal his source of
information- while giving evi-
dence at a trial involving the
Ladbroke Casino corruption,
affair, was cleared of contempt
of court yesterday.

The High Court in London
ruled that revealing the source
Of a doonnent, which had come
into Mr Lundin’s possession,
“could Save served »o useful
purpose.”

Pension fund policies defended

BY CHRISTINE KOIR

MR JOE GORMLEY, retiring
president of the National Union
of Mineworkers, said yesterday
that pension funds should not
be used as a political instru-
ment.

Speaking at the National
Association of Pension Funds’
Investment conference in East-
bourne, be criticised plans by
the TUC for statutory direction
of investment of the country’s
£50bn pension fund assets. “In
considering an investment
policy you have to do the
best you can for the pension
funds’ members,” he said.

The obligation of a trustee
to look after his beneficiaries
“must never be overthrown to

suit the whims and fancies of
those who think it would be
politically nice to see what they
could do with the money.”

Mr Gormley, who has been a
trustee of the National Coal
Board’s Mineworkers Pension
Scheme, said that at every TUC
meeting on the subject he had
made it clear that the respon-
sibilities of a trustee should not
be over-ridden.

The TUC waited to limit the
amount of investment abroad by
the financial institutions as a
way of recycling money into
British industry, he said. As a
trustee, he also -wanted to sup-
port British industry. But Mr
Gormley said, it was proper to

seek overseas investments if
there were funds to spare and
there were no good investment
opportunities at home.

Regarding the NUM fund, he
said, it had “ never lost an
opportunity to make a good in-
vestment in British Industry
through lack of money.”

Mr Gormley said he was
enthusiastic about opportunities
to invest in small new com-
panies. His fund had held semi-
nars around the country to make
itself known to small business-
men. But, he warned, invest-
ments had to be made with a
view to achieving a proper
return for members. “ We can’t
prop up every lame duck.”

BL plans to use more robots

BY DAVID FISHLOCK, SCIENCE EDITOR

BL BELIEVES its factories
have about one-fifth of the total
number of robots installed in
Britain, and expects its robot
production to grow by about 30
per cent a year during the 1980s.

This was disclosed yesterday
by Mr Mike Kelly, manager of
BL Technology, at an IBM con-
ference on Science and the
Unexpected at Heathrow near
London.

IBM: said it was working on a
robot with seven degrees of
freedom that could respond to
spoken commands in ordlnaxy-
production line language and
could make a correct selection
from a bundle of parts.

Mr Kelly, who called today's
factory robots “automated

spanners” said that at £50,000
to £60,000 they were fire times
too expensive. Nevertheless. BL
intended to install £l-2m worth
of robots a year at today's prices.

Mr Kelly said that robots
which were operated on a two-
shift basis did the work of two
people, but In BL’s experience
they did not displace people
from jobs.

He believed BL would be
recruiting skilled craftsmen for
its robot development team to
teach the robots their skills.
The investment could be justi-
fied on the grounds that robots
function in the more hostile
parts of the production line,
need less space, raised the
quality of the product and

improve productivity. Robots
removed the excuses for faults,
Mr Kelly said.

They improved quality because
they were more demanding
about the accuracy of the parts
they were given to assemble.
Furthermore, BL had found that
4n the ease of arc welding,
robots could raise productivity
as much as threefold.

One particularly cost effective
use of robots was in paint spray-
ing of car bodies because robots
unlike humans, do not need to
be provided with special costly
ventilation faculties. They
would also enable BL to use
new paints which were toxic but
which would not flake off when
bodywork was dented.

Metal Box to close plant
and cut Jobs elsewhere

BY GARETH GRIFFITHS

METAL BOX Europe’s largest
packaging company, is to close
a factory in South London and
slim down the workforce at
plants at Aintree. Merseyside,
and at Clapton, East London,
with a total Joss of 388 jobs.

The redundancies are in the
company's general line division
and follow a 10 per cent reduc-
tion in the workforce there last
year. Metal Box plans to shift
some of tbe production from the
Bermondsey, South London
plant to two other plants in
London at Palmers Green and
Clapton. It is investing £1.5m
in the two plants with particular
emphasis on printing facilities.
Metal Box is investing £4.5 m in
the general line division during
1981/82.

T^te company said yesterday
that its South London factory
at Riley Road. Bermondsey,
would be run down during the
year. Metal Box decided the
site was too hemmed hi by
residential property for future

investment. Redundancies at
the plants in Aintree and Clap-
ton will be phased through until
the late spring.

Metal Box lias been hit by a
fall in demand fnr containers.
The general line division makes
containers for the cosmetic,
pharmaceutical and household
sectors. The company estimates
that demand for its general line
products is down by some
10 per cent compared to that in
the late 1970s.

Metal Box has reduced its
workforce considerably over
the past three years. During
the last financial year, Jt shed
13.6 per cent of its workforce
and now employs some 26,500
in the UK 8,000 in (he 16 UK
factories of the general line
division.

• A GOLDENLAY egg station
run by Thames Valley Eggs at
Loddon in South Norfolk is to
close at the end of April with
a Joss of 34 jobs. The company
said that small units such as
this were too costly.

Wales air link takeover

BY ROBIN REEVES, WELSH CORRESPONDENT

TWO COMPANIES based in
Wales. Kraken Air and Dovey
Aviation, -have agreed to take
over running the daily air link
between north and south Wales
from March 1.

Euroair, which has operated
the service since last year,
announced earlier tius mouth
that it was to withdraw from
the route, not least because of
the loss of a Post Office contract.
A previous aUerapt by another
company, Air Wales, to operate

the Cardiff-Chester route failed
after 18 months.

News that the link will be
maintained was warmly wel-
comed in the north Wales
county of ClwytL which pro-
vides a £3Q,Q00-a-year subsidy
of the service. Mr Mervyn
Phillips, the county’s chief
executive, said the success of
the route was important for
attracting new industry toi

Clywd.

Financial Times Saturday February 20 1982

LABOUR NEWS

THE MARKETS

. •**»

Bathgate workers
accept Leyland
for survival

plan

BY MARK MEREDITH. SCOTTISH CORflSPONOaJT

producing a “ world engine " to
be developed jointly with an
outside company and introduced
in 1985.

Leyiand has said that about
1,000 workers have asked for
voluntary redundancies, with
tractor workers talcing advan-
tage of enhanced redundancy
payments offered because of the
end of tractor production.

Mr Swan said his members
were, frightened back to work

K? ™ "

tbe security that was needed for Swan and feHo w union

THE WORKFORCE at leyland
Vehicle’s Bathgate plant near
Edinburgh voted yesterday to
return to work after a month-
long strike, and to accept a man*
agement survival scheme.

The 3 — 1 vote at a .closed
meeting inside a disused f actory
not far from the Leyland plant
followed Thursday’s decision by
Leyland truck plants in Lan-
cashire to end strike action.

Mr Jim Swan, the shop

Bathgate and . the surroundi ng
West Lothian area.

He hoped the workforce had
not M taken a vote that they will
regret.”

Leyland’s survival scheme
was drawn up after a • heavy
fall in world demand for trucks.
According to the plan, 1,360 of
the 3,600 workers at the Scottish
plant are to be made redundant.

Leyland plans to sell its
tractor production at Bathgate
and transfer the production of
medium-weight trucks to fac-
tories in the South. Trade pro-
duction would be limited to two
large models for export

Bathgate is also to be de-
veloped as the major engine
production centre for trucks

leaders at Bathgate remain con-
vinced that Leyland plans to
shut down the Bathgate plant
They said that bringing the
“world engine’' into produc-
tion in 1985 would leave the
factory producing the long
established 98 series of engine,
and its production could, easily
be shut down. :

The shop stewards have also
argued that . producing th e
Landmaster and Landtyain
heavy tracks for export could
eventually mean less jobs as
more Third "World customers
' started their own assembly
operations and required only
trucks in kit form to be pro-
duced at Bathgate.

Angry rail guards call for
flexible rostering rethink

BY PHIUP BASSETT. LABOUR CORRESPONDENT

ABOUT 100 railway guards ledged that tittie seemed pos-
staged an angry lobby outside sible to persuade the- rebel
their union's London offices yes- guards that there were many
terday, in protest at their positive aspects to the agree-
union’s agreement over flexible _ ment. _ .

rostering. : * The gnasrf^^TepiesentaQves

The guards, members of the will meet again on Monday, "at

National Union of Railwaymen,
also staged unofficial strikes yes-
terday which hit services into
London on the Eastern and
Western regions — on the day
the train drivers’ strikes, over
the same issue, formally ended.

The NUR men’s action had
less effect than expected because
of tiie return to work by drivers
belonging to the Associated
Society of Locomotive Engineers
and Firemen.

The guards who lobbied their
union headquarters, demanded
a meeting with Mr Sid WeigbelL
the NUR general secretary, to
get a special executive meeting
to be called to reconsider the
guards* flexible rostering deal.

This was refused and after a
stormy meeting with them, Mr
Weighell — who has staked all
his professional weight on the
flexible rostering deal — acknow-

- which calls for more unofficial
action over the issue . will be
discussed.

The NUR also -confirmed
yesterday that, it would be
delivering to BR.. formal notifi-
cation of its 1982 pay claim next
week, which -has been delayed
because of the Astef strikes.
The claim will call for a sub-
stantial Increase in pay, shorter
working time and improved
leave entitlements,

A similar formal letter was*
submitted some time ago by
the whitecollar Transport
Salaried Staffs’ Association, but
Aslef leaders have been, too pre-
occupied in the strike to have
drawn up their claim yeL
• The two railmen who made
allegations about abuses of the
work arrangements on BR were
yesterday dismissed. Both will
appeal.

Monetarism
opposed
by unions

By John Lloyd, Labour Editor
LEADERS of U.S. and British
trade unions yesterday
affirmed their opposition It
the monetary policies of hath
their Governments.

A statement issued after a
meeting of the economic
committees of tile TUC and
the AFL-CIO in Miami said
that “the common ideology
dominating both Thatcherism
and Reaganomics has pro-
duced economic folly in both
the UK and the US.”

The two bodies called Igor
a range of measures by both
Governments. These included;

• Fall employment and
economic expansion as
priority goals.

• Public expenditure to play
a key role in the economy.

• The reversal of tax policies
which ** reward the rich " in
both countries.

• The sustaining of special
programmes to protect the
elderly, the unemployed and
the disadvantaged.

• Defence programmes which
should not be funded at the
expense of social programmes.

nic meeting of the two
organisations is one of an
annual series in which the
economic committees of both
exchange views.

R 31r Bill Iveys, general
secretary of the Society of
Graphical and Allied Trades,
said last night that unions
would he using “ all the means
available to us” to light toe
forthcoming employment
legislation.

He told a rally in Man-
chester that unions should
refuse to participate on
ballots on the dosed shop or
accept money to conduct
ballots within unions.

Mr Norman Tebblt, the
Employment Secretary, yes-
terday denied that his legisla-
tion was designed to destroy
srade unions.

He told the London Diplo-
matic Association that “our
bill is a further modest step
in the reform of industrial
relations law.

“ All we are seeking to do is
to curb industrial action
which has nothing to do with
an industrial dispute or which
is aimed at innocent third
parties. -

BA mass
meeting set
for Monday

Radioactive offer goes critical

There was only one question
being asked in the City during
the. week: “How many have
you applied for? 1 ’ There was
no seed for amplification.
Brokers, to a man, become stags
when there are tempting plums
like Amersham about and the
clearing banks, helped by the
Bank of England, were on hand
to help.

Staggjng possibilities aside,
domestic UK conditions have
looked right for further share
price strength in the first leg
of the new account Sterling is
firm, liquidity is freely avail-
able, the contestants for control
of Associated Communications
Corporation kept the pot boiling
and there was the big annual
investment analysts* dinner at
the Grosvenor House to look
forward to. But shares refused
to enter the spirit of things and
Financial Times Industrial Ordi-
nary share index kept drifting
backwards. Primarily it was the
renewed rise in U.S. money
rates that spoiled things.

The market has been working
on a thin diet of company news
recently, although there will be
something rather more substan-
tial to chew on next week when
industrial majors such as 1CI
report

LONDON

ONLOOKER

Westminster Bank in London.
Only hours later, stock market
dealers were ready to predict a
premium of around 45p on the
shares, sold at I42p. Dealings
begin on Thursday.

As some 250,000 applicants
await their allocation of shares.

to 3 per cent of the highly
prized voting shares, held
mostly by ACC directors.

Next hand: the Australian
looks at toe books of ACC, and
decides that the company is in
need of extensive support He
.explains to the board that the

Amersham stampede

.Pictures of a princess in a
bikini looked to be top on the
list of gossip until the. Com-

mons got wind of the results
of the Government’s offer for
sale of the shares in Amersham
International

The £71 in offer attracted
roughly £1.5bn worth of appli-
cations for the 50m shares in
Amersham which is engaged in
toe high technology business of
packaging radioactivity. The
heavy oversubscription — at least
20 timesr-led to an uproar in
the Commons with one opposi-
tion MP predicting that the
share sale could become “the
■financial s candal of the year.”

This is the third time in a row
that a public offer of shares in
a state-owned company has been
heavily oversubscribed. A year
ago, the offer of half the shares

in British Aero pace for £150m
attracted over £500m worth of
applications and in November
the £224m sale of just under
half the shares of Cable and
"Wireless attracted £U26bn. Both
shares attained., healthy pre-
miums in early dealings.

The queue of hopeful appli-
cants for Amersham shares
started up before dawn last
Thursday outside the Drapers
Gardens, office of the National

tie debate rages ever whether mtapany iam deep ttdubl^His

the offer should have been on a
tender basis, rather than at a
fixed price. A tender would
have reduced the potential for
staggiag, but energy ministers
apparently felt that a tender
would have favoured, large
financial institutions over the
email investors who might have
been less able to judge an
appropriate price.

The next proposed sale of a
government-owned business is
Brito U, the oil exploration and
production side of BNOC,
which should provide more
grist for spirited public debate.

ACC action

Brett Maverick would have
been impressed at the stakes
and the conduct of the play.
The Australian entrepreneur,
Mr Robert Holmes h Court,
opens the game. He boys a
51 per cent shareholding in the
non-voting shares of Associated
Communications Corporation,
toe troubled entertainments
empire built up by Lord Grade.
He then persuades Lord Grade
that he should he elected to toe
board and be allowed to buy up

MARKET HIGHLIGHTS OF THE WEEK

Price

Change

1981-82

1981-82

y»day

on week

■ High

Low

FjT. Govt. Secs. Index

: 66.19

+ 1.15

70-61

60.17

Good demand

F.T. Ind. Ord. Index

5623

- 83

5973

446J)

Activity in second-fine stocks

F.T. Gold Mines. Index

2613

. . — 223

. 429.0

2613

. Fall in bullion price

ACC “A"

61

• + 6 •

85

39

Bid situation

Birmid Qualcast

31*

+ Si

32

18}

Preliminary figures

Blue Cirde

496

■ -28

550

326

Weak on Mexican interests

Bo water

254

• +14 •

286

in

Bid/dawn raid rumours

Comet Radiovision

107

—■16

.164

98

Brokers’ downgrade forecasts

Dobson Park

80 ■

7$

119

73

Chairman’s profits warning

Eagie Star

376

+23

390

221

UK bid or merger hopes

Geers Gross

.. 132

,-+« -

150

52 ■

US. acquisition - -

GHiett Brothers Discount

155

■ -20

290 . .

130

Poor annual results

Goodman Brothers

19

+ 7

24i ■

- 8

Bid speculation .

Impala Platinum

285

—25

455 '

.- 280

Poor results/weak metal price

ICI . .

336 ■

■ -10

352

226

Annual results next Thursday

Inter-City Inv.

49

* +14*

60

9 .

Hopes of bid from Metan ■

Lloyds Bank

486

' ■ +18

486

292

Pleasing aniKBl results -■

Nimdo

Z22 -

+42-

235

.140

Camera marketing in US. '

Pleasuraraa

- 400

. +37

■ 4Z7 .

182

London casino acquisition'"

Reliance Knitwear

30

+ 5

33

16*

- Good int» results

price for his business interests
supporting the company through
a takeover are the departure
from the chair of Lord, Grade
and his own appointment and
toe promise of toe directors of
ACC not to frustrate the offer.
Moreover, he needs' their
acceptance, to toe tune oi nearly
64 per cent of the voting shares,
of whatever offer he makes if
toe bid is to proceed.

Mr Holmes a Court is pre-
pared to offer £36m. The board
accept Lord Grade steps down.
Enter Mr Gerald Ronson, the
seif -made millionaire who has
buHt Heron- Corporation into
one of toe UK’s most successful
private companies. He Indicates
to the board and Mr Holmes k
Court that he is prepared to
offer £42 .5m for the company
subject to an investigation into
toe group’s affairs and his
assuming the role of chairman
attPfl chief executive. He is
turned down. When the cards
have been dealt again Mr
Ronson formally offers £46.6m
and launches legal action to stop
toe transfer of voting shares to
toe Australian. Mr Holmes k
Court then says that he is pre-
pared to match Heron's £46 .6m
offer last weekend. On Thursday
Mr Ronson says that he is
prepared to offer £49.4m.

As- one appeal court judge
reviewing toe Heron legal action
observed: “ It may be that these
proceedings will eventually
serve some useful purpose."
Your play, Mr Holmes & Court.

Dalgety digests

turned round, and Modern Maid
—which gave SpUlers a bumpy
ride — continues to improve. Ex-
change rate movements helped
produce a modest increase in
Australasian earnings but Cana-
dian lumber is still depressed.

DaJgetyfa trading profits could
top £85m tods year (against
£75m) and there is further re-
covery' in the pipeline. But get-
ting on for half of this revenue
goes to meet toe interest charge,
and retentions axe minimal — ■
just £3}m in toe first half, be-
fore extra ordinary items.

At £254m Datgety’s gross
borrowings in December were
only just outweighed by share-
holders’ funds, and the company
probably now shares the City
view that it would do well to
reduce gearing. Yet a rights
issue would pose problems since
share capital has already
trebled in the last five years
and current cost cover for the
gristing dividend is poor.

Asset disposals therefore
seem more than likely, with an
Australian coal mine and the
U.S. frozen food business the

charge Ibis year and there is a- -
very good chance ' that Birmid
will make £6m before tax for
1981-62 and perhaps mom . . , . ,
The shares have responded
well and left toe rest of the
pack behind, according to Eat* ;
stream, during the weeirwifh a ’
26 per cent rise to 32 Jp by toe i
close on Thursday. . .

That looked fine as f aar .« it 1
went hut the question the_Cfly i
has been asking mdastsy •: fa '
whether engineers tike BfoaM . '
are now going to grtw .bewoat
demand is rising again or are ,
they stm farced to live on toefiff '
cost-cutting, wits in depressed i
markets. The answer from.
Birmid chairman, Mr James (
Insch, and ins colleagues it ;
quite blunt. Conditions in big <
slabs of the business are rtQl 1
very difficult. ... j

The foundry division accounts ,
for just over half the £W6m ;
turnover total but its trading j
contribution has shown a
doubling of losses to £S.Lnu Tim
motor business, which takes the

U.O- JULIWATLL 1UW ufcumivw 77,

most plausible items to figure bulk of Birmid s castings, is sttil d

Compared with a pretty soggy
first half 12 months ago,
Dalgety has been able to show
worthwhile improvements
almost everywhere. Pre-tax pro-
fits for toe six months to Decem-
ber are up by a fifth to £10.6m.

In the UK there are increas-
ing payoffs from die work done
to integrate and .rationalise
SpiUers. The reorganisation of
SpUlers 1 animal feed operations
has now- been completed, and
thanks to price rises in the last
couple of months profits should
leap ahead this year. On the
other side of toe balance, there
has been staffer competition in
a range of Daigoty’s UK mar-
kets, from cakes to canned pet
food.

In the U.S. a troublesome
frozen food business has been

in the group's sale portfolio.

Birmid 9 s bounce

Birmid Qualcast has . toed
excess capacity, it has dosed or
trimmed loss-making opera-
tions, and this week told share-
holders that the major part of
its stabilisation programme has
been completed. . .

The effect has already started
to show through clearly in the
profit and loss account for the
year to October 31 In which a
first-half deficit of £1.81m has
been followed by a pre-tax

weak , and toe group do es not
expect to get back to an accept-
able level of profitability until
trade picks up. The engineering
operation, which has now been
merged with ton scaffolding
interests, is telling much tbs
same story. "

The picture is rather brighter
where Birmid is selling more
directly to the consumer. The
lawmnower market as a whole
is static but the divisional coir
trtbution has risen b y abo ut
£l«n before tax and interest to
£4.35m. The story here is one
of hard work on the marketing

surplus of £3.45m The balance- front Potterton is reaping toe
sheet is in better shape, too, rewards of much reorganisation
with gearing down to 30 per and its profits have climbed
cent against 44 per cent in the from £2.49m to £4JM*n. Here,
autumn of 1980. That would too, howevet demand fa not
shave about £lm off the interest getting aony better. _____

By Brian Groom. Labour Staff
THE 2,000 British Airways
ramp workers in dispute at
Heathrow Airport are to decide
at a mass meeting on Monday
whether to return to work.

The Press Association news
agency yesterday quoted an un-
named ramp workers’ shop
steward as saying: “ It now
seems almost certain that there
will be a vote for a return to
work unless there is more sup-
port over the weekend, and that
seems highly unlikely.”

Their leaders reacted angrily
to suggestions that their ll-day-
old action was on toe verge of
collapse.

Mr Mike le Cornu, speak-
ing for the workers doubted
whether any steward would
have made such a statement,
and added: “Somewhere, some-
one seems to be trying to sub-
vert this action.”

The dispute is over a refusal
to operate new work schedules
which BA wants to introduce in
order to implement voluntary
redundancies.

It is clear the workers’ action
has had nothing like the impact
they had sought. Loaders on
inter-continental services at
Terminal 3 yesterday staged an-
other one-hour stoppage in sup-
port of their colleagues in dis-
pute who operate the European
and domestic terminals. It
caused few delays.

BA yesterday operated 87 per
cent of short-haul flights with
the help of volunteers. Today,
it hopes to operate just over
90 per cent, and tomorrow 95
per cent

THE BIG QUESTION this week
was . whether the New York
Stock Exchange had finally hit
bottom after nearly ten months
of decline. The question bad
less to do with whether U.S.
economic prospects have got
rosier (which even Mr Reagan
seemed to doubt at bis Press
conference on Thursday) than
with what analysts call “ the
.'technicals/*

The Dow Jones Industrial
average set a two-year low of
824 last September. After that
it rebounded a biL But this
week it sank back to that level.
On Tuesday it actually plunged
during the day to .820 in. a
delayed fit of shock at toe latest
money supply figures but man-
aged to scramble back, to dose
with only a minimal loss.

But trading continued to.be
nervous for the rest of the week
as Wall Street watched the
market “ test ** its low. Some
analysts felt the level might

NEW YORK

DAVID LASCHlg

hold given the extraordinary
values that many shares repre-
sent by historic standards wito
many ooce-glamorous^ stocks
trading close to the 52-week
lows. These analysts seemed to "
doubt however, .that. a. rebound
is in sight-more of a u bump-
ing along the bottom.”

But others are still bearish.
The huge economic and fiscal
uncertainties besetting toe U.S.
do not seem to be inspiring
much investor confidence, and
they, see toe Dow breaking
through 824 to find- a new level
in the high 700s.

Mr Reagan’s Press conference
was greeted on Wall Street with

mixed feelings.

Has valiant efforts to patch up
his differences with toe Fed-
eral Reserve Board over, mone-
tary policy helped. His ringing
endorsement of Mr Paul
Volcker, toe chairman, was in
•sharp contrast to his witoy-
wasbiy neutralism at his pre-
vious Press conference only a
month ago- The Administration,
now apparently has fail confi-
dence in the Fed. and is no
longer worried that its money
supply targets are too law to
allow a decent rate of economic
grwth.

But while this suggests that
toe political tensions between
the White House and toe Fed
will ease, some sceptics doubt
that the trace can last If the
Fed sticks to its. current poli-
cies, interest rates are likely to
remain high, and economic re-
covery will be slow. Mr Reagan
himself obviously has worries

on this score. He described
himself as only “ cautiously opti-
mistic " about toe outlook and
refused to be panned down on
the timing of toe recovery.

The latest evidence on toe
economic front was not en-
couraging. Industrial production
was down 3 per cent in Janu-
ary, according to toe latest re-
port, and toe hanks raised their
prime rates from 16* per cent
to 17 per cent on Wednesday,
apparently unable to hold toe
line against toe sharp increase
in short-term interest rates.

But interest rates showed
signs of easing in toe later part
of toe week, largely became toe
Fed seems to be leaning over
backwards to try to keep credit
pressures under control. If next
week is as encouraging, the
Prime may have reached itB
peak for toe time being.

The travails of corporate
America were brought home to
Wall Street wito some force
again . this week. Ford Motor,
toe second largest car company,
reported a 1981 Joss of $L06bn,
which was a bit better than its

$1.54bn loss la 1980 but obvi-
ously no cause for rejoi cing .
Ford’s fourth quarter perform-
ance was also worse than 1980’s
because of toe severe stamp in
car sales.

International Harvester, an-
other trouble spot, showed a
worse loss than expected in its
first quarter, $297m compared
to 3105m the year before, and
cut some' of its employees' pay.

Even mighty American Tele-
phone and Telegraph served the
market a disappointment The
giant utility, whose shares have
been bid up since it reached its
historic anti-trust settlement
last month, failed to Increase
its $1.35 quarteriy dividend.
That knocked the price bad: a
couple of dollars to 56,

The photographic business is
also .taking a punch from the
worldwide recession. Kodak and
Polaroid reported lower earn-
ings.

But some stars shone as well.
Warner Communications, toe
entertainment company which
has taken a commanding, lead
in the home video games busi-

ness with, its Atari subsidiary,
is trading dose to its 52-wfeek
high of 63.

Procter and Gamble, maker of
everything from disposable
nappies to soap, has also been
bucking toe trend at a recent
high of 81 This means P and G
shares have recouped ail .toe
loss they sustained after toe
company was forced to recall
its new Rely tampons and take
a $75m write-off last year after
•they were associated wdtothe
toxic shock syndrome disease.
P and G also held a rare meet-
ing with financial analysts ait its
home town of C inc i nna ti, Ohio,
this week which triggered
speculation of some juicy
announcement But none came.
The traditional tight-lipped
company delivered a few plati-
tudes about toe need for growth
and social responsibility, and in
55 minutes it was aU over.

MONDAY: Market dosed
TUESDAY - 83L34 . -247

WEDNESDAY 827.63 —271

THURSDAY 822.96 !+13J

Semtex dispute
made official

By Rcbm Reeves

The 11-week old dispute over
the planned closure of the Dun-
lop Group’s Semtex floor cover-
ingjactory at Brynmawr South
Wales, was yesterday given offi-
cial backing hy the Transport
and General Workers Union.

The decision to declare the
dispute official came on the eve
of a meeting of shop stewards
from 25 Dunlop plants through-
out the UK in Skelmersdale,
Lancashire. They are due to
discuss sympathetic action in

support of the 450 workers -at
Brynmawr who have been occu-
pying the factory.

We all saw it coming, but it still hurts

“THE IMMEDIATE outlook is
thus for a very substantial fall
In group earnings,” said Sir
Roderick Carnegie last May at
the Melbourne meeting of CRA,
the Rio Tinto-Zine group's 57
per cent-owned Australian arm.

And any feelings that he may
have been over-playing the
seriousness of the situation have

in the realm of metal market
dealings. In the first half the
group correctly anticipated
movements in stiver prices and
by snaking forward sales it
realised a profit of A$1 7.7m.
These transactions went wrong
in toe second half, however, to

produce a loss of A$5.0m in the
period.

So what happens next? At
the moment few major mining
groups are able to make a profit
with the depressed metal prices.
But at least there are signs that
the prices may be bumping

been dispelled by the sharp falls
in profit announced since then
by all the group's subsidiaries.

So the share market was not
surprised on Thursday to learn
that after making a profit of
A$16m t £9. toil in the first half
of last year CRA lost A$3.52m
in the second half. As a result
total earnings for the year come
out at a relatively meagre
AS 12.45m compared with
A?175.2m in 1980.

Thanks to the sale of the
Interest in Blair Athol Coal
there is a gain of AS13.7m to be
added into the lastest profit
But this still leaves earnings at
toe equivalent of 6 cents (3-5p)
per' share which only just
covers the year’s dividend of
5 cents. CRA paid 19 cents for
1930.

Inevitably, toe poor results
reflect depressed metal prices,
the adverse effects on income
from overseas of the strength of
the Australian dollar, strikes,
increased costs and higher
interest charges. Despite all this
gloom, however, there was no
major deterioration on the
operating side in the second
half.

Where CRA came unstuck was

180 . A&MSBsd .

160b

1974 1975 1976 19371978 1978
. Excluding Capital Gains of

along the bottom and with pro-
duction. cutbacks and no burden
of heavy stocks, metal prices
would be very responsive to an
improvement in demand.

Most observers feel that such
an improvement could come
along later this year. Metals and
Minerals Research Services, for
example, reckon that better
prices are inevitable by the
end of 1982.

Stockbrokers Buckmaster and
Moore say that copper— often
regarded as a bell-wether among
metal markets — ■*' looks set for
a useful price rally in toe short
to medium term.” They thus
fell that copper shares “pro-
vide significant opportunities
for capital appreciation over the
nest 18 months.”

The Commodities Research
Unit of London and New York
believes that a rise of only 1.5
per cent in world copper con-
sumption would be enough to
uncover a shortage of supplies.
London traders feel that
industry's needs for the metal
would increase by much more
than this percentage early in
any new trading boom.

Well we shall just have to
wait and see. But holders of
CRA who have seen the price
of their shares halve over the
past’ year or so may take some
comfort from the fact that each
increase of one U.S. cent per
pound in the price of either
copper or lead (currently about
80 cents arid 28 cents, respec-
tively) is worth nearly A$lm
in CRA’s earnings.

At all events, we must not let
the present poor results obscure
the overall strength of a group
which last year spent A$8L5m
on exploration. As Sir Roderick
said. in May: “This business is
not-'about toe short term ... the
directions ahead for. CRA are

exciting.”

Moving on to precious metals;
we come to the affairs of the
Gencor group’s Imp ala Plati;
nun in South Africa which
with its rival Rustenburg
Platinum, and Canada’s Ineo
accounts for the bulk of the
Western world’s platinum pro-
duction. The other major
source- -of the metal is -the
Soviet Union.

• like everything else, plati-
num demand fa being stifled by
the world recession. To make
matters worse for toe Western
mines, they are still selling the
metal on the basis of their pro-
ducer price of 8475 per troy
ounce which compares with only
3355 on the free market which
Is supplied by toe Russians.

Little wonder then, that
Rustenburg has already warned
of a " severe ” fail in profits for
the first half of its financial year
to August 31 and Impala has
this week announced a drop in
net profits for the six months to
December 31 of R513m
(£23 .3m) from R63.6m a year
ago.

Impala has cut its interim
dividend by 10 cents to 25 cents
(13.8p) and has also warned that
earnings are going to fall

dttcer price because this would: I
only lead to' fresh .weakness <m ■ ’
the free market

Just how. long this situation
can last depends on toe ftoyaity .
of the Western mines* customers I
and toe world economic scene, j
The producers are no doubt
hoping for a recovery which
would quickly push up toe free
market prices and .put toe situ-
ation to rights.

Xn the meantime, bold era of
Impala must steel themselves
for a sharp reduction this year
in the prerioustovidesd total of
110 cents. But this , expectation
fa allowed for in- toe current
share price which, has fallen 35p
to 285p tote week.

The gold price has beat look-
ing shaky this week, although St
53671 per troy ounce it is stiff
dearer than free- market
platinum. In Canada Mr Paid
Penna, president of Agnlco-
Eagie, fa prepared to back his
confidence in toe longer-term
outlook for gold.

He has said this week that if
toe price should ia& to $350-
3360- he will stockpile Iris corn*
pony’s production just as be has
been doing in toe case of its
silver output Stiver sides wifl
not be resumed until the metal

further is toe second half of the Ww® goes above $12 per ounce;
financial year. Clearly, platinum tt'te currency $8-60.

buyers are taking only the
minimum contractual amounts
from toe producers arid seeking
any otoer supplies needed from
the Cheap free market
The irony -of the situation fa
that toe producers have tried to
maintain steady and reasonable
prices for their metal and for
long periods in the past have
been setting ft at prices weH
below -those on toe free market
Kustenburgfa Mr •: Gordon
Waddell has said that there fa
no point in reducing the pro-

Agni co-Eagle’s results for
1981 are not due until oxast
month, but they are expected
to show a fall In net income
to the equivalent of 3233 cents
Canadian per share from C3L30
in 1980 when earnings were
C$18m (£8.1m).

• Fortunately, operating costs
are- expected to fall' this year
to US$205 per oz of grid, but
the bultion price will -need to
average US$450 pet « In order
to maintain the company's grid
revenue. tt -

Financial Times Saturday February 20 1982.

YOUR SAVINGS AND INVES TMENTS -1

Rosemary Burr reports on a stock market sage

Gordon’s golden rules

- "5

at SEVENTY-SEVEN. . Gordon
CJUrmnings’ enthusiasm for play-
ing the world’s stockmarkets is
: un dimmed. Cummings, who
; trained as a chartered, account-
; anf has spent much of .his
; working life as a financial
! writer. He Is. probably best
1 known as author of the Penguin
: Complete Guide to Investment,
i which . has sold '214,000 - copies
r and the FT’s Investors Guide
! to the Stockmarket." /

! Cummings, wbo says: “I’ve
. .Retired four times -but there has
always been something to get
me back to- London" lives at
Frant. three miles outside Tun-
bridge Wells. Now that he is
largely retired he spends the
time looking after his family
portfolio and advising a few
friends. He. started off- with a
flO holding in the mid 1920s and
-says “ the family portfolio runs
. into six figures.”

, He has four : golden rules.
* One of my guidelines $ to
'Choose good companies without
friends, by that t mean shares
which are depressed.” Then,
■be -says: “Be patient Be pre-
pared to wait Oyer toe years
Waiting has cost me very little
and made me a lot.”

- More unusually, Cummings is
prepared to “average down."
'That means he- buys shares even
4f toe price is falling, if he has
faith in the company. Last, but
-hot least, he says " never be '
greedy. Always leave something
■in the shares for the next guy.”
He tends to sell part of his hold-
ing as the shares begin to rise.

I am consolidating my position
AU-the time,” he emphasises.

; Cummings says his tuning Is
'rarely perfect. “I think only
■twice in many years have I got
near the bottom and got out
near the top. It is a pipe
dream.” One example of near
■perfect investment footwork was
tois dealing in North Kalgurli,
.‘the Australian gold mining com-
pany. Cummings bought toe
csfaares for an average of I5p in
1973 and sold them at lOOp two
years ago.

.. Of course, all has not been
.smooth sailing. “ I’ve made
.mistakes. At present I'm going
.'through a rough period as I
have concentrated on natural
.resources, which are a dirty
word these days,’’ admits Cum-
mings.

. So where has he put his
.'money? ‘I went abroad in 1974

after toffee^nosed Ted started
upsetting the economy 1 ’, and
nothing has happened since to
persuade him to shift toe bulk
of his funds back home; About
75 per cent of his holdings axe
foreign stocks with a prepon-
derance of natural resources
shares in Canada and Australia.

*T have tremendous faith, in
Canada. It's got ahnost every-
thing.’’ Cummings keeps up to
date with toe local gossip
through a Canadian cousin, a
retired mining engineer who
shares his enthusiasm for stocks
and shares.

As ' for Australia, be thinks
the long term outlook is encour-
aging despite the current
depressed state of toe market.
He argues: “It is inevitable
there will be a recovery.”

Having decided his general
strategy, how does Cummings
go about picking winners? The
key. he suggests, is detailed
research on the company as
veil as keeping up to date with
brokers’ circulars and Press
comment. “ I get the company
reports and pore over them. I
dig out toe essential informa-
tion and rgjig the balance sheet
Therei s a tendency today for
the loan position to look rela-
tively low compared to net
assets. But if you look at
current liabilities you find
hefty short-term borrowings
hidden."

How would Cummings advise
-someone who had just won
£11)0,000? “I’d be inclined to
put half In natural resources
and divide the other half
between investment tousts, UK
convertible preference shares
and gilt-edged,” he suggests.

Despite the bad Press being
dealt to investment trusts,' Cum-
mings thinks toe sizeable dis-
counts on toe shares are a bul-
lish factor. “I’ve got a hunch
the pension funds will again be
sniffing around investment
trusts. They will have to pay net
asset value- for a ready-made
portfolio. This means if you
■bought the shares at a discount
yon have a profit right away.'’
He has a holding in Mercantile
Investment

On • convertible preference
stock Cummings reckons these
are “the safest way to take a
view- oh UK industrial
recovery.” The gilt-edged hold-
ing reflects his opinion that

Claim under inheritance act

Hr Gordon Cummings

“one of these days toe inter-
national bankers and Finance
Ministers will get together and
decide to help the world
economic recovery by a multi-
lateral cut in interest rates.”

The Far East has been a luc-
rative watering hole for British
money in the last year but
Cummings has steered clear.
*Tve only had one investment
in toe Far East At the moment
I would be very chary about
going into anything in Hong
Kong. Japan is a grey area. I
fear there is going to be so
much mechanisation there will
be colossal unemployment. If I
did go into Japan it would be
through a unit trust or invest-
ment trust”

Cummings is equally scathing
about what he regards as
“esoteric investments” such as
stamps, art and antiques. He
points out toe hidden costs of
storage and insurance. A few
years ago he bought about £5.000
worth of stamps but a spate
of burglaries led him to sell
toe collection. *T was lucky I
made a couple of thousand,” but
he advises people against fol-
lowing his example. - -
- A final thought from Cum-
mings: “I was brought up on
the principle of being on toe
right side of Mr Micawber. I
I always try to end the year
with something on the plus side
of my income.”

Down Mexico way

;.TALK OF specialisation, trips
lightly off toe tongues of invest*

• ment trust managers searching
for ways to add a touch of

.‘glamour to their- funds. They
^are being increasingly attacked
-by shareholders — including
*sorae institutions who have
A joined toe disgruntled throng —
j for nor doing something about
^the fact that investment trust
'shares usually sell in toe mar-
ket well below their underlying
"asset value.

, Calls for uriitisatiot! are not
. greeted ■with much enthusiasm
by toe managers and any talk
: of liquidation is considered
dose to herisy. But serialisa-
tion-— that's something different.
Pick a sector -that toe Investing
.public things as 8 winner and
.■toe trust’s image can be trans-
formed from a duffl general
fund wito little more to offer
than its neighbour into a go-go
outfit Investment _ demand
grows, the -market price rises.

• the discount narrows, share-
. holders are' happy again and toe

managers have not tost any of
' the funds under management —
^at least that’s toe theory.

Specialisation is a bit like
putting all toe eggs into one
basket. Everything may go very
well, but then again it might
nor.

The Mexico Fund is an

example of n specialist trust
which got its timing wrong.
Until last summer’s launch
foreigners could only bay a very
limited number of Mexican.
stocks because of government
regulations. The Mexico Fund
provided the first chance for
outsiders to invest in all Mexi-
can equities.

Initially toe plan was to issue
U.S£75m of shares, but demand
was so heavy that the fund was
eventually launched wito $120m
of investors money — 10m shares
at S12 a time. Six months later
their price has fallen dose to
$6, compared with a net asset
value of $7.7.

The Mexican stock market
slumped in 1981 leaving year
end 3b are prices a third tower
ifiran twelve monifts earider. The
market was already in retreat
when the trust was estabiidbed
but the decline accelerated qod
this week's upswing has been
offet by the peso’s fall. A
rather inauspicious start for
The Mexico Fund.

It is all vaguely reminiscent
of the Brazil funds issued to
toe mid - seventies. Within
months of toe Brazilians opening
their doors to foreign portfolio
investment, five specialist funds
had been set up in Europe —
three of them in toe UK First

The Association of External
Members of Lloyd’s

New Memberdiip Brochure with details of attractive

IkiderwriiingMCTiibers'SopLossRemsuraiK^tanbe

obtained on application to:

Dr. John Maxwell, Membership Secretary (,iu i j
Association of External Members of Lloyd s,
Maxwell lntemationad,FREEPOST, London WC2E 7BR

EUROBONDS

The Association of International Bond Dealers Quotations and
Yields appears monthly in the Financial Times
It will be published on the following dates:

1982

THURSDAY 15th APRIL
WEDNESDAY 16th JUNE
WEDNESDAY 18th AUGUST
WEDNESDAY T3th OCTOBER
TUESDAY 14th DECEMBER

THURSDAY 23rd MARCH
WEDNESDAY 12th MAY
TUESDAY 13th JULY
TUESDAY 14th SEPTEMBER
THURSDAY 11th NOVEMBER
There it a limited amount of advertising space available each month
If your company Is interested in caking advantage of
this offer please contact:

THE FINANCIAL ADVERTISEMENT DEPARTMENT
on 01-248 800Q Ext. 3266 or 3389

off toe maTk was James Cape]
Which launched Brazilian Invest-
ments in July 1975 raising
U.S.$l4.84m, largely from UK
institutions. Vickers da Costa
foUkwed up a few moatos later
with Brazil Fund and BrasHvest
was started by CretSt Suisse
White Weld early in 1976.

A few private clients went
in for these trusts but it was
the institutions who were the
really big investors. On all
three issues those investors are
showing losses and interest in
the sector has virtually fizzled
out Brazilian Investments can-
celled its stock exchange listing
in 1980 and dealings in the
other two are a very rare event
indeed.

Brazil Fund, floated at $12.21
a share, now shows a price in
the Official List of $246. and
the last dealings noted took
place over a year ago. Its asset
value is $5.50 a share. Brasil-
vesfs first tranche of shares
were priced at $10,500 each.
The price is now around the
$8,000 mark, fairly close to
asset value, though dealing is
described as “dead.”

The performance of toe funds
has not been disappointing in
local currency terms. Brasilvest
is still an active trader and the
asset base has risen 900 per cent
since hs Inception. The Sao-
Paulo index lias risen 630 per
cent over the same period.

What has clobbered the
Brazilian funds is not a failure
of toe equity market but the
collapse of the Cruzeiro. In
mid-1975 there were eight
cruzeiros to the U.S. dollar.
Today the rate is 134 to the
dollar. With that sort of de-
valuaion an investment man-
ager has to work pretty hard
to make any sort of showing in
dollar terms.

Terry Garrett

r*

■SHARES!

S Ventura Opinion is one of the *

country si

j advisory w
Jrfufl (totals ■
of our see month, no

I obfigation, free trial offflC

1 Unity St, Bristol 1*

H ssrvicaG. Ssnd -

Name.

Addrtflk.

■

I

** nB nnq^ rf «,n ffl> ^ L ^wwy i M l m feBdtepnB of 3-lOyears.
fa!as«ftpaidgioss, halkyeariy Ratesfos df^osiis recewednotfcSer then

EE|I|EEI

■3

o

m

El

m

F inanc e for Industry Linnled

My husband died last
September, His former wife
remarried about-fi years ago,
but until two years ago he •
paid maintenance to her and
the two daughters of the
marriage now aged 18 and IS.
The only provision he made
in his will was shares in bis
company .valued at -about
£30,800 from- which toe
income was left to me for.
life. Probate of the will was
granted on December 6 last
and toe' question is, do you .
think enough provision has
been made for these two
girls; as they have six
months to claim under the
Inheritance Act?

Whether the girls have a claim
under toe Inheritance (Provi-
sion for Family and Depend-
ants) Act 1975 will depend
upon what the reasonable re-
quirements for maintenance of
the daughters may be — if they
have such requirements. If
they are both working, for ex-
ample, they would be unlikely
to be successful rn making
-claims; Tun if one or both are
still in full-time education a
claim is more likely to suc-
ceed. Much will depend on how
toe maintenance payments
came io be stopped two years
ago. If That was by agreement
among alt parties it might pre-
vent or ttmit any claim. You
should wait for the six-month
period to' expire and consult a
.solicitor if proceedings are
commenced ■ against the estate.

Limits to right
of way

With reference to my question
about a right of way granted
to a farmer over my -field,
which yon published under
Non-use of a right of way
(December 24) can the farmer
give consent to contractors to
carry clay and deposit it on
his" field? That is, does the
right of way belong to him.
personally or can he grant It
to others?

Ttte right of way does not

belong to the farmer personally
but rather to him in his
capacity as owner of some land
which the way serves. He can
authorise others to use the way
for purposes which benefit such
land, but not for purposes
which are not connected with
his use of that land. Thus con-
tractors may not be allowed to
use it if they are working on a
site which is not the farmers
M dominant land.”

Losses on gilts
sales .

Is a loss made on toe
sale of gilts when sold after
seven months allowable
against a profit made on the
sale of ordinary shares?

Yes (provided that there was no
second acquisition, which might
trigger the loss-restriction rules
in section 70 of the Capital
Gains Tax Act 1979).

Self-employed

pensions

My employment involves both
the payment of salary and
directors* fees. The salary
qualifies for the company's
Contributory Pension Scheme
but toe fees do not.

In addition, there is a top
hat Directors* Pension Scheme
with all contributions paid by
the company. Under these
circumstances, is it possible to
take out a “ self-employed ”
pension scheme in respect of
the directors’ fees?

You are not able to obtain self-
employed relief in resepect of
an employment which is already
pensionable, i.e. the company of
which you are a director. It does
not matter how inadequate the
existing pension scheme may
be. Your only remedy is to use
your power and influence as a
director to persuade your com-
pany to amend the rules of its
existing, scheme .. so that
directors’ fees would in future

FINANCE AND
THE FAMILY

BY OUR LEGAL STAFF

be included as pensionable
remuneration. If your scheme is
final salary then a change of
this kind would be of substan-
tial benefit to you because you
could ignore past years know-
ing that your ultimate pension
will be based on future pension-
able earnings as increased by
directors' fees.

Minimising

CGT

For several years the Hambro
Tax Guide has made (he
following statement “ each of
your minor children eau
realise up lo £3,000 of net gains
eaeb year ant! pay no capital
gains tax.”

My local tax inspector does not
agree with ibis si alt-mem in
relation to m.v two children
aged 11 and 8 to whom I have
given capital over several years
(within tax limits) and now
have realised gains. He insists
on combining all tbe gains and
charging me tax on the total
gain.

What, please, Is your view'?
Their success in the Ramsay
case (which no doubt you have
seen mentioned in the FT over
toe past year or so) has
encouraged the Inland Revenue
to attack many artificial devices
intended to minimise CGT.
Your arrangement appears to be
a -sitting target for an attack
based on Ramsay principles, so
you must decide whether the
amount of CGT at stake justifies
toe cost at professional guid-
ance. Lt is unlikely that you will
overturn toe assessment with-
out professional help, and un-
fortunately the bare facis are
insufficient for us to estimate

your prospects.

You should ask your tax
inspector for a copy of toe free
leaflet on appeals to the General
or Special Commissioners
(IR37).

Tax credits in
1980181

Can you Confirm that for the
Tax Year 1380-32. Dividend
Tax Credits in excess of
30 per cent are valid In the
ease of a person liable to rax?
My tax inspector thinks not, but
is giving it further thought.

All UK dividends paid in
I9B0-S1 carry a tax credit of
3/7ths (regardless of what toe
vouchers may say), by virtue
of sec nun S6(2) of the Finance
Act 1972:

“The tax credit In respect of
a distribution . . . shall be equal
to such proportion of The
amount ... of The distribution
as corresponds to the raie of
advance corporation tax for the
financial year in which the
distribution is made.”

Pay no attention to toe tax
credit figures printed on the
vouchers: if they are not equal
to 3/7ths of the dividends, they
are simply wrong and of no
consequence. It is a pity that
Parliament insisted that UK
dividend vouchers carry these
often misleading figures.

Unmarried

couples

In your Issue of January 16,
under the heading of
“ unmarried couples.” you
answered a question asking
whether an nu married couple,
separately taxed and sharing
the cost of a mortgage,
were each entitled lo receive
iurome lax relief on their
respective halves of the loan.
However, your answer was

No legal responsibility can be
accepted by the Financial Times » I
for the answers given in these ,
columns. All inquiries will be
answered by post as soon as .
possible.

Incomprehensible, possibly doe
to a misprint or omission. 1

and 1 would auk you therefore 1
lw kindly restuie it. j

My posit ion is this: I w ill ‘

soon be jointly buying a
bouse wilU my sister, and should
like to know will w e be able
to claim relief on £25,000 each, »
or £12,500 each, or will j

only one of us be able to
claim on £25,lHJU?

We are sorry that the complex
wording of paragraph 5(3) of
Schedule 1 t u the Finance Act
3974 was made even harder to
unravel by misprints in lines
33, 29 and 3ti of i lie quotation
in our reply of January 16. The
Inland Revenue themselves find
toe rules diitu'iilr to explain,
apparently, bemuse paragraph
13 uf their otherwise helpful
booklet IR11 l Tax Treat mem of
Interest. Paid) merely tells joint
murt^aviors to ask their tax
inspectors fur an explanation.
In your particular Miuaiion. if
you each pay half the mortgage [

interest, you should each
qualify for full tax relief l pro- 4
vided that the- total jniiu marl- .
ijjge is Tor fSo.UIH) or less). j

A right of j
pre-emption

1 am proposing lo sever my
Joint tenancy of property J
owued by my daughter and •
myself ro tenancies in common (
and to stale formally lhat .

2 would give the other tenants

in contuiun the first
opportunity to purchase my j
share ai a fair market value. j
k this in order? j

The right of pre-emption *

should be expressed to be ,
limited fur a periud not exceed-
ing 21 years. It ought also tn ■
be for some consideration leg i
£2 paid by each of the tenants |
in common) so as tu form a
con iract. These should bo

registered as land charges.

I

1

onal Savings Ba

Save-by-Post

A special service for
Investment Account savers.

If you want to open a
National Savings Bank Invest-
ment Account, or make a
deposit to an existing account,
you can now do it by post
‘SaveT>y~Pos£ makes saving
as easy as posting a letter.

The service is free-you don’t
even have to buy a stamp.

14% pa- interest

The Investment Account pays a
veiy competitive 14% fromMarchlst
Your money will earn interest from
the first of the month following the
receipt ofthe deposit and for every frill
calendar month it remains invested.
Interest paid in full

Interest is taxable ifyou pay tax,
but no deduction is made at source.
This is especially beneficial to non-
taxpayers, who can't always recover
the tax on a tax-paid return.

Easy to deposit

You can open an account with
as Ettle as £LThe maximum balance,
excluding interest, is £200,000.

Easy to withdraw

You need give only one month’s
notice ofwithcfrawal. Normally with-
drawals are not allowed from the
account if the holder is under 7
years of age.

Post Office service

This Save-by-Post service is in
addition to existing NSB facilities,
which continue to be available at
post offices.

Cheque deposits

Make out your cheque to the
Director of Savings. You can

What to do

New Accounts. To open an Investment
Account just complete the coupon, cut round
the doited line and send with your cheque or
postal order mot cash) to the address below.

'Sour Bank. Book. will be sent to you.
Within a few days,

NATIONAL SAVINGS BANK,
iln-:ki:ft?«,

tKKKKKT*

C ILASC ;c >\V CoS 2RR Vib -jrtPsraM

Existing Accounts. Send deposits hy
cheque or postal order (m >r cash i with your
Bank Book to the above address. No stamp,
coupon nor covering leiter is required.

Yon r Book will hr relumed to the
address in the Book -please make sure it is
your current address, and keep a note oi your
account nurabec,

Fill, in for new accounts only.

director oi savings. iou can m h mm mm mm mm mm mm mm ■■

also send cheques made pay- ■ To: National Savings Bank (Dept, FT3), Glasgow GS8 2BR I

t ■» , , ^ t j t ■ / wish ro open an NSB Investment Account m '

able to you by somebody else |

SURNAME:.,

(but please do not endorse them). ■ forenames

B III! lull!

Commercial deposits |

Registered companies and ■
other corporate bodies wish- ■ ADDRE
ing to open a National Savings I (Including
Bank Investment Account |

should not use this coupon but ,
write instead to the National
Savings Bank,SOC/COM,

Glasgow G 58 1 SB.

.MP.-MP.S/MISS

D ATT OF date i month

BIRTH. t

(Essential for children under 7 years)
ADDRESS:-..

YEAR

I

AMOUNT

DEPOSITED

POUNDS

PENCE

N National Savings Bank

I 1 declare that the Information given by me on this form
™ is correct.

I USUAL SIGNATURE:.

(If child under 7. signature of person opening account)

I lf you hold any other NSB Account(s), please quote
.account number(s):

■ r~j— j— r i i ; i :

i [ SSSS ] j

YOUR SAYINGS AND INVESTMENTS— 2

Financial. Times. Saturday February 20 MS®/— -

; ■ 1 ' • . ^ ' 1

•■ ■ ■ • ' • r"r

Mortgages and consumer-choice

IT LOOKS as iE fee Office of
Fair Trading is about to sup-
port the consumer against one
of the giants of the building
society world. The OFTs sabre
rattling about a possible inquiry
into a leading society has come
at an embarrassing time for the
building Societies Association.

At the end of last year, the
Building Societies Association
decided to set up a consumer
services committee to- handle
complaints. Its first meeting,
delayed by the December snow-
storm, was held a week ago. The
meeting is thought to have
concentrated on two main areas:
the extra interest charge levied
by some societies when a mort-
l gage is prematurely paid off,

1 and the restriction on bor-
rower's choice in nominating on
insurance company to cover the
mortgage.

Most of the complaints were
made against the small to
medium-sized societies. The big
five societies, which collectively
handle about 63 per cent of

Society

Choice of
insurer

Redemption

Interest

charged

.. Valuation shown
to borrower
choice of 2 types

Abbey National.

12*

no

Anglia

12*

no

yes

Bristol A West

all companies

nofl

no

Britannia

10

no

yes

Chelsea

4*

t „

yes

Guardian

8

2 months!)

no

Halifax

tf

no

yes

Leamington Spa

society

nomination*

3 moothsjl

yes

Leeds

i

until end of

3*

month

yes

Nationwide

4*

no

choice of 3 types

Provincial

V*

no

no**

Woolwich

5*

no

yes

* Plus individual choice. ** Change being considered, t No for new
borrowers but yes on some existing agreements. t+ Automatic
.allocation unless preference expressed. || if mortgage redeemed
within five years. K In certain cases 3 months charged up to maximum
of £100.

societies' lending, also -came in
for some criticism. One of the
largest societies bore the brant
of the public’s wrath, with ten
complaints.

The OFT says it is haying ■ panies given to borrowers and

“ informal talks with a couple
of well-known societies." Its
concern centres on die inade-
quate choice of insurance com-

Which

professional

investment

They offer so many advantages that the majority of
investment professionals choose them. Pensionfunds, life
assurance companies, unit trusts - all these buy
InvestmentTrust shares.

If the professionals think so highly of Investment
Trusts, then, as a private investor, why don’t you
join them?

Consult your stockbroker, bank manager or other
financial adviser.

The advantages of an Investment Trust

★ More opportunities through wide investment spread.

Investment freedom worldwide in any company quoted
or unquoted.

Pays no Capital Gains Tax.

Low management charges.

Ability to borrow can enhance performance.

Full details are in “Investment Trusts
today’ ' , a booklet available free from The
Association of InvestmentTrust Companies.

For your copy, please fill in and send off
the coupon below.

THE PROFESSIONAL INVESTMENT

To: The Secretary, The Association of Investment Trust Companies,
FREEPOST, London EC2B 2J J. Telephone: 01-588 5347.

Ac stamp required if posted in the U.K.

copy/ copies of your free booklet “Investment

Please send me
Trusts today”.
Name

Address

FT202

THE ASSOCIATION OF
INVESTMENT TRUST COMPANIES

INVEST IN 50,000
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the general language of policies
and loan agreements which it
argues are somtimes unintel-
ligible.

When it comes to choosing an
insurance company to cover the
mortgages, most societies give
a fist and all that the borrower’s
preference will be considered
provided the cover is accept
able.' Bristol and West, by
contrast, does not name any
companies, but simply asks the
customer which one would '.be
preferred. The Halifax and
Leamington Spa assume the
customer has no favourite, and
will automatically insure the
house with the company of the
society’s choice unless otherwise
requested.

Traditionally the societies
have argued against the bor-
rower having a free choice,
since they like to administer

the policies eh masse. They get
paid both commission and ad-
ministrative, fees from the .in-
surance companies for doing so.

The issue of redemption
interest has also been resur
rected with more people shop-
ping ■ around for a mortgage.

Redemption Interest is an
extra interest charge levied as
a penalty against borrowers who
prepay.

The big five no longer charge
redemption interest but 'some
of the smaller societies do, as
the table shows. As competition
hots up some societies ate re-
assessing their stance. The
Chelsea, for example, recently
phased out redemption interest
Another issue— whether the
customer who pays for the
building society survey should
have access to a copy — divides
the movement down the middle.
The groundsweE is gradually
shifting in favour of letting the
customer see the; . . survey,
although some societies main-
tain Ht is too ' technical and may
be misunderstood.

Both Leamington Spa and
Anglia began showing customers
surveys last year. The Provin-
cial, which accepts the principle
that customers should see what
they are paying for, is now try-
ing to come up with what it
hopes is a more informative
report for the standard trice.

Nationwide - and Abbey
National, two of the .big five,
have gone further and provide
choice of report for the
customer. Abbey National offers'
the stapdard plus a- souped-up
version j described as a “.condi-
tion in valuation *’ report
On January 1 Nationwide
presented its borrowers with
three options. These were a
standard report, a standard
report plus structural survey,
or a standard report plus Royal
Institute of Chartered Sur-
veyors Report— described • as
a four-page semi-structural
report."

As the table indicates, there
Is still some divergence in
policy, particularly among the
smaller societies. There is also
a difference in approach among
the big five, with the Halifax
putting the onus on the
borrower to nominate an
insurer.

The OFT says it will not be
happy until there are no com-
plaints from the public about
restricted choice of insurers':

Rosemary Burr

Sweet and sour in Hong Kong

THE VOLATILE Hong Kong
stock market is again on the
skids. Mid-week, die Hang Seng
Index had dropped by some 13
per cent from its level at the
end of January. The index re-
covered some ground on Thurs-
day but the market is still look-
ing nervous.

Two reasons for the latest fall
are fears over U.S. interest rates
and the uncertain state of the
Hong Kong property market.
But an element of political
spice has also dropped into the
Hong Kong brew in recent
weeks, guaranteeing more lively
times for investors in the Far
East

High interest rates in Hong
Kong— prime rates hit 20 per
cent in October and are now at
16 per cent — have taken their
toil on the -tightly-wound pro-
perty market in the last few
months. This, in turn, has put
pressure on the influential
property stocks. The last parcel
of highly-coveted Central Dis-
trict property went out for
tender recently and in its un-
certain mood the market was
prepared for a price in the
region of BK$3.7abn (£345m).

Hongkong" Land, won the
tender a week last Friday with
a bid of HK$4-7T}bn. a price
which might have cheered the
market Instead the growth in
the U.S. money supply, an-
nounced -only hours later, kept
the lid on the share prices.

High interest rates have a
doublecdged effect on the Hong
Kong market as a great deal of
trading is done on borrowed
money. With fresh worries
about new increases in the XJJS.
prime, local investors continue
to desert the Hong Kong stock
market, moving largely to cash
deposits for their good, short-
term returns.

Compounding this weakness
has also been another spate of
rumours over, ihe future of
Hong Kong. Many investors
bailed out during the second
week in February when an inter-
view with a Chinese government
official cast some doubt on
whether Hong Kong would be
left largely unfettered when the
British lease on most of its
territory expires in 1997. Since
then, the Hong Kong press has
been reporting more encourag-
ing rumours with greater fre-
quency, but they remtam vary
speculative.

The recent sag in the Hang
Seng Index has scarcely dented
the enthusiasm of UK stock-
brokers -following the market
Many claim That selling by local
investors* has provided good
opportunities for UK and U.S.
institutions to get batik into
Hong Kong.

“At the moment, we believe
the market is acting on psycho-
logical and sentimental- factors
geared <to U.S. monetary
figures,” says a leading stock-

1900.

17001

1500!

13Q0H

1100b--

900

TOO 1

1980

1981

*82

-‘1

J,

broker following • the sector,
11 rather on the baste

fundamentals in Hong • Kong,
which point to growth.”

Analysts say inflation in
Hong Kong is easing and real
growth this year will be around
8 per cent The Hong Kong
dollar has gained ground since
it hit 6.15 against the dollar
last October. It is now at
HKS5.S9 to the dollar and
HK$10fi6 to the pound.

Even the shake out in the
property, market -does not dis-
may the bulls. “Second class
property is now getting second
class prices, not first class

ones,” says Mr Toby Heale’^t
James Capel. ■ . :.•! ‘

The next • few weeks .iMl
bring a budget speech and-*
series of year-end results from
major HK companies, . which
could give the market a new
direction. Only last year* the
Chinese Government advised

that local investors in . Hong
Kong should have .“Hwe.
hearts at case.” While await-
ing further clarification bf&AT
statement, there is slim chance
lire advice will be followed.
Hong Kong is sure to remain,
a spdcey spot for investors,. ^

Carla Rapoptirf

J

Save and Prosper looks west

l

SAVE AND PROSPER, the
largest unit Trust group, thinks
it has hit a winning streak with
its Financial . Securities Fund.
As its name suggests the fund
invests in financial stocks,
hardly the darling .of the world
bourses in recent years.

All that may be changing.
Financial Securities -Fund wife
assets of £5 6m came ISfe in the
unit trust league table last year.
“The long term performance
has been reasonable but no-
thing to shout about” admits
fund manager Christopher
Tracey. He is optimistic about
the future and has been selling
the advantages of the fund to
financial intermediaries this
week.

The key to his enthusiasm Is
fee American regional bank,,
which at the moment can only
collect deposits within its home
state. During the past two years.
Tracey has gradually built up
the funds' holding of U.S.
regional bank stocks from II
per cent to 25 per cent Some

he regards as take-over targets
while others have earned their
place as a way of buying into
a thriving regional economy.
The portfolio includes Security
Pacific In California and nine
Texan banks.

Tracey does not rule out fur-
ther increases in the fund’s U.S.
holdings. Since last November
he has switched some money
out of Japan, reduced the
funds' uninvested balance and
channelled the proceeds into
the UK and the U.S.

• Tracey waxes lyrical about
the 15.000 strong regional bank-
ing sector in fee U.S. “It's fee
first decent story in the finan-
cial sector since the heyday of
Slater Walker in fee early
seventies,” he argues. Put
hlunty. his hopes are built on
the idea that current U.S. legis-
lation cocooning banks will be
dismantled.

In the krog^run Tracey thinks
fee archaic rules against inter-
state banking will be over-

High street squib

THE GOVERNMENT'S . new
bank deposit protection scheme,
launched yesterday, is an unin-
spiring piece of legislation and
is unlikely to be of much use
to most small bank depositors.

The High Street banks have
always been upset by the
thought that they would have to

BANKS

WILUAM HALL

contribute to a fund to bail out
depositors in some of their
smaller rivals, and successfully
emasculated -the deposit protec-
tion scheme, before it got into
fee 1979 .Banking Apt.

Indeed it was once thought
that the clearing banks’ rear-
guard action had been so suc-
cessful that the authorities
would not even bother to ' set
up the Deposit Protection Board
which will administer .the
scheme.

The details are as expected,
small- depositor lodging: up
to £10,000 wife one of fee UK’s
600 recognised banks and
licensed deposit taking Institu-
tions. will get 75 per cent of
his or her money back in fee.

event of fee institution closing
its doors.

The two main weaknesses of
the scheme are the fact that it
is limited to sums of £10.000
and then only 75 per cent of
that amount is guaranteed by
the authorities. The amounts
should be considerably higher
and a guarantee for fee whole
sum would have been much
better. •

The authorities say that a de-
positor has to bear some of fee
risk and by only guaranteeing
fee first 75 per cent, it gives
an incentive to check out .in-
stitutions and not just deposit
money because a bank is paying
half a per cent more than
Barclays.

It is most unlikely feat fee
scheme will ever be used and
fee authorities would be better
advised to concentrate their
attention oh protecting fee
building society depositors.
Even at fee height of the secon-
dary banking crisis aH fee small
depositors were able to with-
draw their money bn demand.
Not so wife fee Grays Building
Society. When it closed its doors
some years ago, depositors’
money was protected by fee
other societies but investors
could not withdraw it for many
months.

Zen and the art of investment

PRIVATE CLIENTS used to be
the poor relation in the stock-
broker's office. But things may
be changing.

With the recently proposed
increase ' in brokerage - commis-
sions weighted heavily on
smaller bargains, .private in-
vestors can now expect, a
warmer welcome from stock-
brokers.

Two firms, Capel-Cu re. Myers
and Quilter Goodison, made
their big drive to attract pri-
vate clients some time ago,
when it was much less fashion-
able. According to the latest
issue of Money Management,
they are the two leading firms
in the private client field, hand-
ling about 32,000 such accounts
between them.

Capel-Cure has around 17,000
private client accounts, ‘which
provide fee firm .with about
half its profits and revenue. In
October 1979 the Arm launched
£100.000 advertising cam-
paign, and within four months
received about 6,000 -inquiries.
“ We were overwhelmed by fee
response,” says John Hender-
son. senior partner in the pri-
vate clients department

Quilter Goodison has about
15.000 private client accounts.
Tony Richards, senior partner
in the private clients depart-
ment. explains: “A number of
London brokers were shedding
private clients in the early
1970’s. We made a commitment
to private investors.”

So long as you have about

£3,000 to invest, then both
firms are interested. They will
-want, -details about your- tax
position, other assets, and in-
vestment aims. If you have less
than £25,000 to invest they will
probably recommend a choice
of unit trusts, .. . _

Quilter Goodison has four
in-house unit trusts on offer:
General. Income, International
and Recovery. Capel-Cure will
not put new investors into one
of their six in-house unit trusts.
“ Rightly or wrongly we con-
sider that would be incestuous,”
says Henderson.

One point to consider is how
much control you. will have over
the investment. If you want to
be consulted before a derision
is taken, then Capel-Cure will
suggest a trial period before
switching to discretionary man-
agement “We believe in dis-
cretionary management. We
get on with it If It doesn’t
work, then sack ns. , Our discre-
tionary portfolios of any form
you like performed better than
our advisory portfolios.”

.. Quilter Goodison is not so
dogmatic about the advantages
of discretionary accounts.

Smaller investors who abject
to having shares ■ in alcohol,
tobacco or armaments com-
panies may find the brokers
unable to accommodate ■ them.
Both firms believe that such
scruples are not practicable
within unit trust investments.

Wbat do stockbrokers regard
as a reasonable performance?
Henderson is sceptical about
investment managers' who
promise wonders. “ If you can
match the rises in the Retail
Price Index' then you aren’t
doing badly. : Anything above
that is lovely.*^ Richards is a
shade more optimistic. “We
can't promise to beat inflation
every year, but we are always
looking to' beat the Increases in
the Retail Prices Index.

'* If yon are not satisfied, you
can change your broker much
more easily than you can change
your doctor,” he says. When it
comes ■ to the philosophy of
investment, Mr ' Henderson
agrees: “ It is fee opposite of
Zen Buddhism. What matters is
not how you turd but where
you arrive.”

Dominic- Lawson

TAX FREE
INCOME

PIuj potential capital growth a van
to highest . .rate taxpayers. All pro-
ceeds rax free at end of term.
Guaranteed benefits available, or
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LIMITED OFFER
(clous 5th March]

T. T. INTERNATIONAL
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turned. Limitations on’ the type
of deposits which- can attract
interest will be lifted and re-
strictions on banks branching
out into areas such as insur-
ance will disappear. He sees
fee legal restrictions on the
banks collapsing Hke the pack
of cards in Alice in Wonder-
land.

The upshot, according to
Tracey, will be a spate' of take-
overs among’ the tiddlers of
the American banking sector
and healthy profits for share-
holders. That would be fine for
Financial - Securities. with
£14.9m invested in U.S. regional
banks— probably fee largest ex-
posure of a UK unit trust.

The only problem is that
Tracey expects several casual-
ties among fee small regional
banks as pressures build up to
alter fee TLS. banking system.
The risk is fee fund may choose
a bank which goes bust As be
admits, " there are drawbacks.
You Can invest in’ the wrong

regional bank and the timing
is relatively uncertain." -j. i
- Tracey is also quitebullWf
about certain financial shares tt
the UK. The fund has very
tittle in fee way of bank sbareS
but sizeable holdings - in
property and insurance. .“■?
think there wilt be a substarf
tfai .rationalisation of UK
financials" Tracey argues. Bt-
believes Allianz of Germany
will make a bid for Eagle Stitt
and this will -be followed by
re-rating of insurance cunt-
positos: He also feels *, numbed
of insurance brokers 'an#,
property companies are sitting
targets for take-overs. Th§
fund has a sizeable holding of
Exco.-the money brokers, which
came to fee market last Noras*
ber. ■ * .■

Since fee U.S. banking
scene «. unlikely to ctnngy
radically this year, the fund’s
performance may well depend
on its UK investments. \

Only from tbeTyndall& Co. Money Fund

Y

ou get top money market rates tor your
deposit. The current rate offered isl4V
- a return wb ich would normally be
• available only to major investors. You keep vour
funds immediately available. And you have ’a
cheque bookfadlity whichlcts you- withdraw-
al! or pan of your deposit; simply bv writing a •
cheque. * — .

. Top interest rates and a cheque book facility

make a unique combination. "

All you need to open a Money Fund account
is a mini mum of 5,2 5QQ. As ah individual
depositor, you benefit from the higher rates of

interest obtained by our regular deposit of

pooled Rinds. I merest is cred i ted quarterly,
without tax deduction or charges. '

A J yndali & Co. Money Fund account is Ideal
not on 1 y for the private investor, but for
companies and others who want to be sure
they're making the best of short term funds.

♦Current rate. Raie published daily in the F inancial Times.

J

k*h

*>ii |

tom,

■ssn

- ■-*' «•.

Plesse send me full details oftheTyndall &Co.
Money Fund

V

Name.

FT20/2/S2

Address.

Tyndall* Co. 2S/33 Princess Victoria Street
Bristol BS8.4DF. TeL Bristol (0272) 732241. ~

S

A-

Licensed by the Bahk qf Enjdond to take Deposits.

s
s .1.

V?

4-,

J*

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Financial Times Satur^y -5^bruary 20 I9SS

LEISURE

PROPERTY

r'r-y’srwS"'-.* ; .

■: 1 '.. : v. ■■■:•: ’ ■■‘•t

Forestry road. on the approach to Banff

Canada’s great outdoors

TRAVEL

SYLVIE NICKELS

^ £

“BE CAREFUL where you
tread,” warned one of my
guides as we beached our small
: boat and scrambled out on to
the soft sands. It was May
beside the Northumberland
Strait that separates New Bruns-
wick from Prince Edward
Island, and Kouchibouguac
National Park’s 2,000 pairs of
common tern were nesting.

The sky screamed with their
. activities and the beach was a
< turmoil of strutting, displaying
males still seeking mates, or
those already paired returning

■ to their partners from fishing
‘ forays. The nests, shallow

scoops in the sand, were nigh
invisible and you had, indeed,
to be careful where you trod.

■ An hour later, hack near the
: reception centre, we paused to
> listen to the gentle tapping of

a black-backed three-toed wood-
' pecker (so I was told) from
within a tree and I just missed
a yellow-bellied sapsucker that
alighted briefly nearby.

Wild life is one of the great
attractions of the national
parks, but it is only one, as
you can see from a new free
publication available from the
Canadian Government Office of
Tourism: National Parks, a
brief guide.

There ore 28 of-- them
altogether, strung out across
tin's vast land from the Yukon
: said Vancouver Island to New-
foundland and Nova Scotia,
plus a considerable number of
provincial ones.. - Each has its
own characteristics; not only in
terms of terrain, ecology and.
in some cases, historical associ-
ation. but in the leisure ameni-
ties that accompany them. They '
also vary enormously in size.

Common to nearly all are the
camping facilities though tfiese
too vary greatly; they are
detailed in another. new free
publication. Guide to Camping
in the National Parks of Canada

Commercial accotranadatitm.
(hotels, guest houses; eta) is
also often available and, in
many cases, ftrii resort facul-
ties such as golf course, teams,
swimming pools;

Most of tbe. camp rite facili-
ties are very sophisticated
indeed. Those who Ske to carry
the paraphernalia of modern
living around with. them, cm
often plug their trailers into
water, electricity and sewage
systems and live in a cocoon
of cfatfftsatiou surrounded by
Some of the most spectacular
scenery in the worid. On the
other band, there ■- are hiking
and riding tnafls or canoe
campers’ routes probing deep
into that very same scenery,
punctuated by so^alied primi-
tive camp rites (usually at least
offering fireplaces and pit
privies) which ' fulfil file
demands of the most dedicated
seeker of the wilderness, includ-
ing my husband. George, who
does not consider & tent is a
tent if you can stand up to it.

The best known and most
popular national parks must be
Banff, with its over 3m visitors
azmuSlly. and Jasper adjoining
it to the north. The trans-
Canada Highway crosses Banff,
rail routes traverse the Rockies
through both, and the two are
linked by a fabulous road from
which you are a stone’s throw
from the Great Divide or such
spectaculars as the Columbia
Icefield on which you can trice
guided walks or a bumpy ride
to a snowmobile. The facilities
iir Banff and Jasper parte range
from the simple to the five-star
and there are most kinds of
sports facilities.

■ Many package tours to Canada
include a visit to one national
park or another, and some
feature stays of several days.
In order really to experience
the great Canadian outdoors,
you need the flexibility of your
own four wheels and the will
to expend some energy. One
possibility is to take a Fly Drive
arrangement, sorting out your
own accommodation or making
use of .hotel vouchers; at least
one operator also offers the
option of camping equipment.'

Another is to go for a Motor-
home holiday and cany your
accommodation with you.
Pick-up facilities in aD cases
exist, to TTaiifav, Montreal,
Toronto, Calgary, Edmonton and
Vancouver. -The free booklet
Canada Holidays 1982 summa-
rises who is offering -what.

Sample Fly Drive costs for
two weeks to 'Western. Canada,
covering re turn flight and car
reotri with unlimited mileage,
are £260-£330 (for each of four)
depending on departure date
and model of car. . Petrol is
cheap by European standards,
though this is usually counter-
acted by long distances and
rather low mpg consumption.

Most national parks coHect a
very nominal entrance fee per
vehicle and camping charges at
from $347 a night are hardly
extortionate. As for the choice
of parks, if is sensible to do a
modicum of advance homework.
Canoeists who may not want to
tackle the white water chal-
lenges of Nahamri, for example,
may weH find their ideal to the
gentle rivers and lakes of
Kejimkujik in Nova Scotia.
WfldEfera might consider Wood
Buffalo to northern Alberta
whose free roaming bison herd
is the largest to the world and
whose river deltas shelter over
a' million migrating ducks,
geese and swans in spring and
autumn. In Prince Albert
Saskatchewan, there is long
distance cyde touring as well
as hiking and canoeing. Fundy
in New Brunswick features some
-of the -world’s ^highest and most
dramatic tides, and an arts and
crafts school. And so on. .

Most provide really excellent
interpretative programmes
which may take the form of
lectures, films, walks or ndes
with wardens or' guides whose
knowledge is considerable and
enthusiasm infectious. In fact,
I know of few other countries
in which a variety of special
interests can be pursued with
so much gratuitous help and so
many immediate rewards.
Further information: Canadian
Government Office of Tourism,
Canada House, Trafalgar
Square, London SW1.

The many-varied cyclamen

n

GARDENING

ARTHUR HELLYER

* A

tv :

it

freshly tipped out of them, so marbled and vetoed with silver
much toe better for they really though never so spectacularly
do not Ifte being disturbed, as the leaves of C. lied ery-
With Cycalamen hederifolium folium. This form can be
there is sure to he great varia- obtained from Broadleign
t i on ^ the size, shape and Gardens, Bishops Hull, Taun.
coloring <,f the leaves and if ton. who offer a good selection
Mun N r TttF NtrFST marts « is possible to visit toe nursery of hardy cyclamens and

from which one proposes to pur- another possible source of
m raj garden at the moment are chgge plants ^ lbe selected with

t *

*

*

the markings that please one
most.

Flower colour also varies in
Cyclamen hederifolium. to chid-
ing several shades of pink as
well as pure white or white
flushed with pink but as tots Is
a tote summer and autumn

hardy cyclamens is Avon Bulbs,
Bathford, Bath.

I also grow Cyclamen repan-
dum which is not unlike C,
hederifolium and, to make
confusion worse, is often
described as the ivy-leafed
cyclamen. So far it has not
proved So satisfactory with me
as that excellent species,
spreading its leaves more

the hardy cyclmens and not
simply for their flowers since
some kinds have most attractive
foliage. My favourite is Cycla-
men hederifolium, a ■ name
meaning " ivy-leaved ” which
scarcely does justice to the
great variety of silvery vei tongs

and marb lings on its lustrous „ . —

dark green leaves. I like the flowering plant it wiM be ceces- ^

way it holds its leaves com- saty at toe J® ■ widely - " and "l oosely and not

Pactly. one overlapping another nurseryman s >vordaboto Sower overia _ ping to maietk gm*

Kke tiles on a roof so tha t they colour. It js a small risk_ conspicuous cushions ' of green
hide the ground completely, have yet t-o see a plant of to silver However all the

each plant making its own dis- species with flowers that I did exoerts aeree that this cyclamen
tinctfre pad since no two ever Kke though I totok petbapa i£2

seem tobe exactly alike, ti* pure wMte is the most ^S^Tiw^dT^ro

1 started years ago with may- beautaiui ot an. not had it anything like so long

be a dozen plants and now there What will be to Woomnow is gg q hederifolium. I must give
are scores, many of them yards Cyclamen count a Bess graceful it time to show its paces and
away from their parents. Bow plant than C. hedefifolmm oe- even if experience confirms my
they distribute themselves so cause Sts stems are short er, rts early impression that It is not
widely has long been a puzzle flowers tubbier andjits leaves a strikingly handsome

to me since aD cyclamens have less decorative. But enss species pj^j it will still he worth a
a anions habit of coiling their excells G. hederifolium m r»cn- plage ^ its present showing
flower stems round and round noss of flower eoitotir, usually a ^ flowers in mid-spring

once the flowers have faded strong carmtoe v«»ch some a ft €r c. count has finished and
and toe seed pods are beginning people may find harsh ^ out ^ng before C.

The species which I have
known for many years as
Cyclamen evropaeum is now
called C. pttrpurascens. Its
rose-pink or carmine flowers
come earlier than those of C.
hederifolium^ in late summer

*

\

.1*

rip? than C. hederifolium and all the

One would' expac: to extra- seedlings have
ordinary behavi or «•’ tesull in pen. ' heart shaped

a mass of seedlings close to leaves of

each parent plant but to never somewhat conftxsmgty called
seems to happen. The seedlings coum.

are always well spread outand in fact it s fP R botanical fieucT»juiiNLi» v -in. icux; otui

something must carry tiie seeds is ‘ Cyclamen coum, sub- rather titan -in auttsrm, its

to their places of gemination coum, and if that leaves are much rounder, more

bat whether it is birds, worms like saying the same like those of C. coum, and if

or some other agent I have not twice I must explain that they are silvered at all it is in

been able to discover. the species used to. be called a rather Unspectacular way

^SS 7 aa? etfdentty a wry stable form by On tbis point I rannot speak
Sr*mVh ^winSi^Mmetimes ctonparison with any variety of from experience as l have not

tho .Hu* , -Aint- tn w in mjc»ht acquire and I do find it a plants I have are in shade,

SS 3 Sr« tar 53 CS =

obtained in «maii containers, or Atkinsn whidi lias leaves

share

BY JUNE FIELD.

THE BRIEF for some of the
speakers at ' UK and Ireland
Prep-arty Ttmesfiare Conference
at the Piccadilly Hotel on
Monday Tuesday— organ-

ised by Resort Candomininms

International (RCiy—ie to
“stress the point that time-
sharing is a holiday investment
rather than something much
heavier.”

P rop ert y daring— based on
■the simple concept of only
buying the holiday time you
need, when you want it, with-
out taking on the full responsi-
bility and capital outlay of a
second home in Britain or
overseas— has become a com-
plex and profitable operation.
One of the fastest growing
sectors. of the leisure industry,
projects in Orlando, Florida, are
said to be turning over at the
rate of $lm a month; and world-
wide timeshare sales encompass-
ing some LOO&plus different
developments in 35 countries,
are expected to reach a
staggering $lbn by the end of
the year.

But tiie conference organ-
isers want to reinforce the
point made In a consumers’
guide published in 1977 by The
Rdsort Timesharing Council of
the American Land Associa-
tion that “a timeshare is not
an investment opportunity in
real estate.”

The idea of sharing property
is said to have started some*
15 years ago in a French ski
resort has been followed up
by shared ownership on Spain's
Costa Blanca, and has really
got under way in Florida con-
doitoraums in 1973 with the
object of stimulating cash flow
during the recession. Since
then, timesharing, a tenn bor-
rowed from the computer
industry, has mushroomed into
a number of different sale cate-
gories, all of which need care-
ful study and on which
appropriate legal advfice should
always be taken.

For. Instance, a recent article
in The Law Society’s Gazette
posed some questions as to
whether the Spanish escrituro
system in the form of a legal
transfer of property, drawn up
and executed by or before a .
notary and registered in'" the

Brantridge Park House, Baleomba* Sussex, a mansion which like seven] others has been split up into flats
and which offer accommodation on the time-sharing principle. The Resort Condominiums International
UK. and Ireland 'Property Timeshare Conference will be held at Ae Piccadilly Hotel next Monday and
Tuesday at which Portugal and tiie south of France will be represented

local land registry, . would
bring any problems when
applied to timesharing. Mr
Paid. Allen, RCI. marketing
director, told me that thesr
lawyers in Madrid were making
enquiries: “ The unfortunate
thing is that there is no one
standard format for buying.”

Prices for timeshare units
vary according to the season
most in deman d — ski-time in
the Alps, summer at the British
seaside, the winter months in
Florida or tiie Caribbean, and
for families, school holiday
periods. Opportunities for golf,
t ennis, swimming and so on, add
to a resort's desirability.

Also the annual “ time-
frame ” you buy can vary.
There is the fixed variety, the
mast common form normally
starting on the same day of the
week, and the “ floating "
period on a rotation basis. Time
is boujdnt over a period to any-
thing from 20 to SO years, some-
times in perpetuity, sometimes
on a right to use or chib-
membersbip basis depending
on the legal reqtarements in
different countries.

It usually costs a one-off pay-
ment of around £750 to about
£7,000, for each week’s use
bought, obviously considerably
less than it would to buy a com-
mensurate place outright. AJ-
though now- that “ packages ” of
weeks are. being bought, .either
consecutive -or spread over the
seasons, this means a heavier
capital outlay, as well as hav-
ing to pay more management
charges, with the latter an
already increasing figure. And
when .the operation gets into
bigger money, one might well
consider whether outright
ownership to a smaB holiday
home, coupled with an efficient
management and or letting
service— over which one mi^it
have more control — would
serve equally well,
night needs to be kept back
for refurbishments and major
repairs.

Rd is one of the major
“exchange" organisations, .
together with. . Interval Inter-

national. Basically their func-
tion is to arrange “swaps" of
weeks between subscribers all
over the .world, making sure .
that accommodation keeps up
to the required standards.
Although a survey initiated by
the International Time-Sharing
Exhibition in London last
month, organised by The Time-
sharing Magazine, revealed that
only 4 per cent of people cur-
rently considering buying were
thinking of going in for ex-
changing. This “How Are You
Going to Use Your Timeshare"
question also showed that 67
per cent wanted it for family
use, 12 per cent wanted it to
get away from the family, 11
per cent for combined usage, 5
per cent had “other reasons,”
and the rest did not know.

The survey, carried cut by
MIL Rsearch. showed that from
the sampling of those inter-
viewed, most wanted to buy in
Britain, fairly closely followed
bv Spain, with France, Portugal
and Florida well down on the
list.

Using timeshare units as in-
centives and competition prizes
is on tiie increase. Barratfs
and the Crouch Group who are
involved In their own time-
share projects have already
gone- in for offering weeks as
inducements to buy on their
general housing developments.
Now Costain's is the latest com-
pany to buy time at Atlantic
Time Ownership's Coronado
Aparthotel in their Marbesa Vil-
lage on the Costa del Sol. The
one-week November holidays
for five years inclusive of ser-
vice charges, are in this high-
rise block (I was there a month
or so back, and tiie views are
tremendous and the accommo-
dation smart, which makes up
for its somewhat austere ex-
ternal appearance). They are
also being offered to buyers to
Costain homes on 11 to their
sffes spread through Bedford-
shire, Berkshire. Devon,
nt/wjcesferrirfre ami Worcester-
shire. where three- and four-
bedroomed detached houses are
priced from £28,250 to

£70.000.

Says Costain Homes market-
ing director Mr Geoff Wheat-
croft: “We took the view that
people moving home might miss
out on a holiday that particular
year, so here would be a chance
to get awav with only the fare
and food to pay for. There is
even free membership of two
nearby golf courses for two
players for three years."

And would you believe that if
you buy six products at Bools
(excluding medicines), that you
can go in for a simple competi-
tion to win an autumn or winter
holiday in the Multi-Ownership
and Hotels luxury Loch Ran-
noch Estate m tiie Scottish high-
lands? Built some five years
ago by British timeshare pioneer
Mr FTank Chapman, it is now a
multi-oxftlioa pound resort with
over 2.500 owners.

• Free leaflets Mr P. Allen.
RCL Lsngham House, 3 OS
Regent Street, London, W.l
(who can also supply details to
the British Property Thne-Share
Association members! . and Mr
J. Cniz, 1.1. 50 Pall Mall,
London. SW1. Last-minute
registration. £160, UK and Ire-
land Time Share Conference,
9.30-10.30 on Monday at the
Piccadilly Hotel. London. W.l.
where the Homes Hterimv
International Property Time-
sharing Exhibition is Wednes-
day to Frida}*: Homes- and
Travel Abroad timesharing
magazine, winch currently in-
corporates a timesharing publi-
cation. is 75p post free from Mrs
Judy Rose, Editor, Domus Pub-
lications. 52 South Motion
Street. London, Wl. (This Time-
Sluzrhtg Magazine ytfR be
launched as a separate journal at
the Homes and Travel Ahmad
International Prooerty
timi at the Cumberland Hotel.
Wl. Auril 2?-.?4.l Jr>cerdTW> * n d

comnetlthvn dptills Mr n. Whe-t.
f— rvFt. Tit-»'*Vpst , iT»p-

♦ain TTr*m°s. fi?-71 Hieh Street
»■«*•». Bur** red

TJi-4v>Ti«>«iti. Barbare A'Nen-
horonvh Associates, 1 Harewuod
Place, London, Wl.

Hunting

season

BY MICHAEL CASSELL'

THE TRADITIONAL home-
hunting season is again on the
horizon and any would-be
buyers emerging out into the
market after a winter break win
find the money-lending institu-
tions falling over themselves to
offer the necessary finance.

Competition between the
banks and the building societies
for mortgage business has
created a climate which the
home buyer has only rarely been
able to savour. Gone arc the
home loan queues, the agonising
and Ipvariably lengthy wait for
mortgage approvals, the extra
interest charges for larger
advances and — in the latest
development — even the need
for any sort of deposit.

But if mortgage money h'as
rarely been easier to obtain or
had fewer strings attached, it is
going to lake something more to
restore I he housing market to a
stale of full health.

Not that the private housing
sector, has. in most respects,
been particularly poorly. For
despite rhe common misconcep-
tion that the residential mar-
ket has for the last IS months
reoresented nothing less than a
disaster area, the level to buy-
ing and selling activity has been
historicallv very high.

The combined lending pro-
gramme of the societies and the
hanks during 1991 indicafe one
to the busiest years on record
when It comes to handing out
home loans and the only factor
missing from the equation has
been rising prices.

As a result, houses now look
cheap in relation to average in-
comes and with mnrtcaee money
readily available, it is temnting
to suggest that a Sprinc upsurge
in market values should be on
the way.

The trouble Is that mortgages,
while plentiful, remain histori-
cally expensive and the home
buyers* ability to take on extra
financial commitments in the
year ahead look severely pro-
scribed. given the outlook for
incomes. So although laTge
numbers of people mav continue
to move home — as they did in
19K1 — they will not be gaining
from any significant price in-
creases.

The societies — who have
tradilinnallv led on mortgage
interest rates hut who now could
find themselves following the
clearing banks — are beginning
to make encouraging sounds
about the prospects for cheaper
home loans.

Chestertons

FLOREDA-MIAMI

Villa Regina

Amagn.ificeiit27"Storey\^tersideBiiilding
nearing completion (Springl982).

Overlooking Biscayne Bay on Brickell Avenue,
itis Miami’s correct address.

Set in the romantic and historical 60 year-old Gardens
ofBrickell Hammock ,the Apartments are designed to take
•maximum advantage of sensational sea views from large Balconies.

+ Luxurious design with large Reception Rooms,
en-suite Dressing Rooms, His and Her Bathrooms.

* Highly sophisticated Secorrty System.

+ Club House with Pool, Spa, Gymnasium.

♦ Gourmet Restaurant
* Marinafacalities exclusively for Purchaser

Studios, 1, 2 and 3 Bedroom Apartments
at prices from U.S. $100,000-$700,000.

I^zrther information from Mrs. FelicityHoare.

Chestertons

Chartered Surveyors ‘ ; .

1 16 Kensington High Street, London .W 8 TRW
Telephone: 01-937 7244. Telex: 8955820 : :

^savhxs

• ESSEX 590 ACRES

Braintree 4 miles, Chelmsford 7 miles

GATE FARM

A -productive arable farm with two cottages, modern and
traditions! buildings including grain storage facilities
for approximately 900 tons, and about 590 acres of good
free working land.

For sale by Tender on 31st March 1982

(unless previously sold)

As a whole or in twelve lots

Vacant possession on completion

FORESTRY INVESTMENT
IN USA

The performance of investments in timber is
attracting much attention in this inflationary
period. The high quality hardwood areas of the
North-Eastern States merit special study by those
seeking a secure real property investment in the
USA.

Fountain Forestry Ltd, with over 25 years’ experience
of forestry investment and management, and an
operating subsidiary based in Boston, Mass./ is hold-
ing a short seminar on this subject at the Institute of
Marine Engineers, 76 Mark Lane, EC3, on the IS
March 1982,

The seminar, covering all aspects of acquisition,
management, investment performance and taxation,
will be of great interest to potential investors,
individuals and corporations, and their advisers.
To apply please complete the coupon below.

FOUNTAIN FORESTRY LTD., 1 Camomile Stmt London EC3A 7HJ

Please ra serve .... places for tfia seminar "Fort*try Invaatmoni

in USA." I enclose my cheque tor £ ..... (£36 t VAT per head

including refreshments and lunch).

ADDRESS ^

TEL. Noj

I

-I

KORTHERM CALIFORNIA

Properties ia Sacramento ■

fSteia capital)

ROSEVILLE

toe new “Silicon Valley”

Base prices (S-sq ft/S-sq metre)
Apartments S40/S435
Office Parks S7O/570O
Warehouse A Industrial S2S/SZ72
Current Income 9-107.

To review* your specific needs wliji
resident representative in
Switzerland, write:
LIVINGSTONE & CO.
Brokers. 6625 Palm Drive
Carmichael. Calif. 85608
Cable: LIVECAR

QUEER’S GARDENS W.2.

ARCHITECTS' IMMACULATE
GROUND FLOOR FLAT
Facing garden square in conserva-
tion area. Largs living, goileried
double bedroom, further bedroom/
study. Fully tiled bathroom, gallery
kitchen. Indepan do m gas central
heating. Low outgoinga. Four Tubes
within five minutes’ walk.

PRICE £49300

to Include many built in Item r.
carpets, arc.

Telephone 01-262 1095

(24 hours)

/office hours)

01-653 8866

SCOTLAND, DUNKE1A PERTHSHIRE. To
let furnished for max. period of 5 years.
Attractive, (nanastaablc country house on
Rlror Tay with bernrtiHil Barden and
wooded policies. Salmon and trout Ash-
ing on ■? mile of river. Within easy
reach of Perth, ^ainharnh. stawow and
Aberdeen. Apoly: Lanslcv-Tavinr, Wr
Rutland Sauers. Edinburgh. Oil -229
5302JS.

136 London Road, Chelmsford, Essex CM2 0RQ

? Chelmsford (024,5 1--69312

OVINGTON SQUARE
KNIGHTSBRIDGE, LONDON SW3 r : .

A new conversinnof a handsome
house in a quiet and conscnicnt
garden square — high qualiti small

apartments (of ] or 2 bedrooms >

fully fitted and equipped, carpeted
and fully decorated

g S’: I:

’ V

r l w -w

I«Lh

Leases 125 years at prices £49,500 to £82300 T- «

. PlBianoMRnW

Lvo<a*5W? IMP Ot-SSh 2415

k*x w.w cjwcom c w\£ ■*»=>-«**-

WA.ELLIS

International
Property
time-
sharing—
exhibitioner^

♦ Over itiktv vtvnfe Midi dnw-vhanng
^ e» mutn-ewnrobip hoUdvy viHu and
aoaitnuintK for sal* in Enfllamf.
Wafca, Scotland, lunnv’ mnhfini
Europe, Honda. Caribbean etc.
Vlnfotmatlan on timo during purchase
procedures.

*E(fiibrabn open 2pm to Snm
Wednesday; Warn to Bpm Thursday:
10om teSpM Friday,

+Eatabirion orginbed by dm quarterly
■nagaeoa -Tima-ihering Homm tr
Hohdava"*. Sand Wl pence mini for The
conant issue and a free UeAer far tha
•■Mbitfon. to Homed OwdMI. tt
East Rood. London, fat.

PICCADILLY HOTEL PICCADILLY. LONDON — FEBRUARY 24-26tb

IF YOUR PROPERTY IS
OF HIGH CALIBRE

AND IN CENTRAL LONDON

W® hava 2.000 Prime- com panto and
embbsaips seeking our services to
house their executive? end diplo-
mat*. These are afj tenants of good
covenant.

Please telephone

ELIZABETH DE LA RUE
07-493 2224/2938
Usual lees required

AMERICAN

EXECUTIVES

seek luxury furnished flats or
houses up to £350 per week.
Usual fees required.
Phillips Kay & Lewis
.01-539 2245

A HOLIDAY IN AND
AROUND THE AREA
SALZBURG,

BAD REICHENHALL
BERCHTESGADEN
TO LET: Holiday dwelling «n quiet
location from L1000 per day i»
Grossgmdin.

GB4GER. WarmbruntiBretr. 42,

D 1000 Berlin 33, W. Germany

S. CORNWALL— ST. MAWES

Spacious 4-bedrmd Modem House
Suitable lor occupation in 1 or 2
units and 2 seH-comainad luxury
flats, dose to sea front and enjoy-
ing extensive views ecress harbour
to Falmouth Say. Easily maintained
gardens. Offers Invited.

Stratton & Holbarew. Lemon VHlas
Truro - Tel: (0872) 74646

GUERNSEY offers lew taxation — itable
Government — BriJItfi way of life. *or
TIW '' Settling la Ciwmacr >r book plus
lama choice of lumre from £ 80.000
(upward*) contact* Lovell A Partners.

f& ^?- 2 5 M36. StrpCt - 5t - Potcr "»*•
MAY’S hove always had a good aelection
properties to rent in South West
Ton. Surrey and Berkshire. Tel.
- sail. Telex oust 12.

*XO«l°A centre, A Permanent
exhibition of property and comnieie
advisory setmCc lor investment in
Florida. Own every day — including
Saturday and Sunday. 10 00 am to 4.00
pm. 45 Conduit Street. WIR EFB. Tele.
Phone: 01-439 2626 ("4 TirsJ. 01-434

U4D<

RESIDENTIAL PROPERTY ALSO
APPEARS TODAY ON PAGE 9

8

‘v.

Financial Times Saturday February 20 1082

TAKING YOUR CAR ON HOLIDAY-

FINANCIAL TIMES REPORT

Despite higher costs, cars will be taking many families away again this year-
John Griffiths looks at die range and offers some suggestions

Wider choice for the traveller

ONE THING is dean despite cases 'fridges in .which to keep the quality and quantity of enormous* however, and RU the

the long-term trend of higher the vin blanc.
motoring costs, the popularity The more expensive sites are
of the car as the basis of a holi- likely to include restaurants,
day remains undiminisbed. It. bars and swimming pools and
has much, to do .with the ability’ vary in location from the
to load tip at one's own front coasts of the main European

door constrained not by weight
allowance but by space, and the
freedom to rove at will. And
given that a family of four will
get little change out of £1.000
for a two-week air-hotel package
at peak season on the Costas,
the overall savings offered by a
motoring holiday can be con-
siderable.

Those savings are highest at
the camping end of the self-
catering market. But anyone
recalling youthful camping days
with a shudder and who has
automatically discounted repeat-
ing the experience should take
pause:

Pitfalls

The latest variety is unrecog-
nisably different — at least if
provision of tent, equipment and
site is left to the professionals.

Even then there can be pit-
falls — a peak period stay on a
southern French coastal site

countries to the grounds of
chateaux deep in rural France.
Needless to say sanitary facili-
ties have come a long way from
the cold water shave, pick-up*
thy-spade and walk days
(ensure, however, that “your"
tent is not too near them; traffic
tends to abate later and resume
early).

Even at the more luxurious
end of the market, under £500
should cover two weeks for a
family of four, including ferry
fares and overnight accommoda-
tion while travelling to the
site (also organised as part of
the package).

Not surprisingly, even the
relatively well-heeled find the
prospect attractive and opera-
tors' brochures Increasingly
have become geared to them.

facilities, -particularly those ferry services, the RAC and the
involving self-catering, once AA, through its Argosy travel
they get there. operation, run similar pack*

The ferry operators them- ages. Depending on season, costs
selves have not been slow to can be as tittle as £65 per person
catch on to the self-catering per week depending on the
trend, and this year are offer- number of people travelling in a
ing an increased variety of car.

their own holiday “ packages." It is worth bearing in mind
It remains a small part of their also that Scandinavia is not
overall business but. according necessarily as expensive as
to state-owned Sealink. it is rumour suggests, with tdgb*

Check

those

spares

The. hovercraft Princess Anne in its neio Hoverspeed livery: 75 in ph, 424
passengers, 55 cars and a 9 ft hover height

“growing like mad ’—in Sea- standard self -carte ring accom-

i . nen — „ -t,*

link’s case by 250 per cent over
the past three years.

French offer

One interesting variety of
holiday has arisen from the service from
French Government’s concern Gothenburg.

modation available in the
densely wooded Kalmar region
of south-east Sweden, for
example, for about SKr 500
(£86.2) per week even at peak
season. Tor Line Ferries runs a
Felixstowe to

HOW MUCH IN AUGUST

ANGLO-FRENCH SHORT 5EA ROUTES

about rural depopulation, which
has led to the setting up of its
gites rureaux scheme through
the French Travel Service.
Gites are essentially renovated
farmhouses, .village homes and
similar accommodation.

Ireland remains popular, with
one variety on the touring holi-
day “package" being caravans
which you take in tow at your
port of arrival.

Sealink is again one of the.
main operators, which also runs
“free as you please*' motoring

Sealink

Metro

family of four*

Peak Off-Peak

6350 4350

Cortina
two adults
£

Peak Off-Peak

6450 41.00

Rover

family of four
£

Peak Off-Peak

8050 5350

Townsend Tbo resen

67.00

4450

moo

4150

8550

54.00

PftO

6850

41.00

7000

3950

8750

5350

Hover-speed

71.00

6150

6250

5250

71.00

61.00

They are scattered throughout _ ^

stressing the cultural and 24 departments, including such packages, where you are given a
gastronomic opportunities of “*® Auvergne, back- ^st £ hotels on a “circuit,”

the chosen area. r?f r f 01 ? w i]? re including Kitkea Castle, dating

That camping has become big idfthich from 1180 and set in' 110 acres
business is illustrated hv the „ __*n_ of parkland south-west of

Routes: Sealink: Dover/ Folkestonc-Calais/Boulogne; Dover-Dunklrk
Townsend Thoresen: Dover-Calab •

P & 0:'Dover-Boulogne

- Hovers peed: Dover/Ramsgate-Catais; Dover-Boulogne
"Children aged 4-14, except with H overspeed (upper age limit 16). Infants under 4 travel free fn all cases

owuujiui a isui.1. wuuuuu UU 51 U 6 N jo iiiusudicu uy cue viciHrtP an parlior nUnoothur ^

hold for some grim memories of growth of Canvas Holidays: this 1 getn Dublin. You arrive at the pre- \

nonnl q nanfcorf ton T- :* „,!n U„ on m0re ieiSUrely CCDtUry. VnnW Wrttrf tVion cimnlv ti»H '

too many people, packed too year it will be using about 90

closely together, with too much
noise— embarrassingly so in the
watches of the night — un-
obstructed by too thin canvas
walls. Such perils tend to apply
more to casual canvp sites than
those run by tour operators,
however.

There are now dozens of
Continental camping holiday
organisers in Britain. Among
the largest are Canvas Holidays.

sites. 10 more than last year,
plus about 700 hotels for transit
stops. It expects this year to
cater for rather more than the
63,000 Britons who holidayed
with it during 1981.

Altogether at least Itn
motorists are likely to -be visit-
ing the Continent this year
undeterred by the prospect of
higher costs to cross- tfie

Although standards are closely
monitored, they remain in
individual ownership. The
accommodation is granded by an
epis (ear of -wheat) system and
prices . vary considerably,
between about £200 and £390 a
week including ferry fare. If
that sounds slightly expensive,
some of the properties can sleep
up to eight adults. Tbe French

booked hotel, then simply tell
the receptionist were you want
to go next and she books ahead
for you, and so on. Costs range
up to £137 per week per pereon,
based on two travelling in a car
(mdudiug ferry fare).

But- if you are prepared to
risk the weather, there remains
much to attract within the UK,
in a- year when the English
Tourist Board is running a

— Channel as a result of the TTajel Service .has tinked up major promotion .on the theme

Eurocamp and Inn-Tent The ending of the fierce price war ™th Sealink .to package such of Maritime England,

“package" ordinarily will which has raged among ferry hobdays. .. y ear t 00 the holiday

include ferry fares, site and onerators for the past year. The variety of other accommo*’ motorist in the UK is on' to a
tent equipped with virtually all This drawback has at least been dation, from tile Brittany coast particularly good thing. Petrol

essentials, including in many offset by the rapid growth in to the interior of Spain is prices in the past few months

DOVER-CALAIS • DOVER-OSTEND • FOLKESTONE-CALAIS • FOLKESTON E-BOULOGNE • DOVER-BOULOGNE
DOVER- DUN KIRK • HARWICH-HOOK • NEWHAVEN-DIEPPE • WEYMOUTH-CHERBOURG
FOLKESTONE-OSTEND • HOLYHEAD-DUN LAOGHA1RE • STRANRAER-LARNE • FISHOJARD-ROS5LARE
P0KTSM0UTH-F15HB0URNE • LYMINGTON-YARMOUTH • WEYMOUTH-JERSEY • WEYMOUTH-GUERNSEY '
HEY5 HAM -DOUGLAS • PORTSMOUTH JERSEY • POKTSMOUTH-GUERN5EY

have fallen by up to 40p a
gallon and the glut looks set to
continue. British prices are
now lower than anywhere else
in Europe except Italy.

The UK tourist trade, where
facilities last year had seemed
increasingly to be high-priced
and relatively poor value, has
been increasing charges by well
under tbe rate of inflation as
part of a fierce competition for
scarce business.

Standards have been steadily
rising, particularly in regard to
eating places for the traveller,
which has for so long been a
particularly bad problem in
Britain,
usually

foreigners visiting Britain have
long queried why British cater-
ing establishments tend to
regard- children as irritants
rather than custom. Three
cheers in particular, then for
the chains — such as the Liftle
Chef group— who consider them
as all part of the business (and
keep stocks of things like
infants’ high chairs) and three
more for the trend recently
discerned by Egon Ronay

If the Elliot Committee's re-
port of the early 1970s, which
recommended opening times at
the proprietor’s discretion, were
to be dusted off and imple-
mented, Britain would be well
on the way to adopting Conti-
nental practice. And the old
complaints about, licensing laws
—that adults are treated like
children and children like dogs
— could, not before time, be
buried . . .

Again, as -in the cast of Conti-
nental motoring, it is not neces-
sary to grapple with hotel and

are given

route guides on your own. Both
motoring organisations provide
Holiday motoring is packages, covering route plan-
a family affair, and ning linked to the hundreds of
hotels, guest houses and inns
within t\eir respective rating
systems add which include the
necessary erne rgency services
for non-members.

Tents to rent

Those who are bent on camping
do not need to bny their equip-
ment: the motoring organisa-
tions will rent virtually every-
towards public houses changing ynu need from about £5.50 offer a car rental-hotel package

the nature of their operation to a flay * involving various discounts, the

-cater more for tbe family than Details of. ferry facilities and link in Travelwisess case being
the inveterate drinker. . precautions which sensibly need with the Inter Hotel group.

to be undertaken
elsewhere.

As regards financial needs,
when motoring abroad in par-
ticuiar it makes sense to carry
at least one credit card of the
American Express/Diners Club
type, for their absence of cash
limits in case of emergency, and
of the Bardaycard/Aceess type
for its credit facilities for pur-
chases which you shouldn't
make but can't resist. And the
latter can be plugged into the.
Eurocheque cheque-cashing
facilities operating in most
countries.

It is also worth considering
opening a foreign . currency
deposit account for the country
of your choice, which any High
Street bank will do: A term
deposit of six months, expiring
just before the start of your
holiday, can in some circum-
stances give a considerably
better rate of return than an
account held in sterling.

Finally, if you want a fnotnr-
ing holiday, but don’t entirely
trust your own vehicles, com-
panies such as Travelwise rent-
a-car (Brampton Road, London)

IT IS 2 am. You lingered too
long over dinner, the coast to'"
still a couple- of hundred
miles away and it is vital to
get that early morning ferry.
And the top radiator boat
has split.

At times like that, the
great stack . of . documents
" making tip your insurance kit
lying In the glove compart-
ment seems singularly use-
less. The nearest phone was
passed three miles back, add
it would be reasonable to
expect some delay In getting
. breakdown assistance when
you have finally phoned
through.

If, on the other hand,
you’ve got a spare lit the boot;
five minutes work should see
you on your way again.

The majority of -break-
downs do involve minor- and
easily changed components,
with broken fan belts, the
number one offender. A few
basic tools and the right mix
oC spares are well worth the
space they take up. Bat to
sort out which ones are most
likely to be needed, and to
bny them, can be expensive. .

That is why the motoring
organisations have also come
up with rental kits. For about
50p a day (slightly more for
non-members) they will
supply a boxed range of
spares for a given car. On
retaining the kit the motorist
pays for any that are used,
plus a small fee Tor repack-
ing. Deposits arc abont £20.

It Is much better, however,
to reduce breakdown risks by
seeing that the car is compre-
hensively serviced before
setting out Hoses are a weak
point, particularly when
motoring at high speed over
long distances in hot weather.

Finally, it makes sense to
carry a gallon container 'of
water In the car, and oil pur-
chased in the UK if your ear
has a thirst for it (oil. is
much more expensive on the
Continent). Safety triangles
are mandatory in most
countries, while an emer-
gency plastic windscreen can .
be bought at most accessory
shops. Make sure all your
fellow travellers know where
the documents are; give one
a spare set of Keys— and tack
into the back of your wallet
a large banknote for the
emergencies where a. piece of
plastic won't do nicely-

Reducing the risk of breakdowns

ELECTRONIC IGNITIONS,
sealed cooling systems and
other innovations have . all
served to make the modern ear
far more reliable than its pre-
decessors. But it is still a highly :
complex machine made up of at
least 7,000 individual parts. And
of the roughly 1m cars which. '
make their way across the
Channel each year, -just in the
nature of things a lot of them
will break down. '

The same, inevitably, applies
to people. And both get '
involved in accidents. Should '
you happen to be in Spa» ; n. get-
ting involved in an accident
could well see you, as driver,
slapped in. jail while, the inci-
dent is being investigated. - -
In short, along wth the '
flexibility and freedom which
have made the motoring holi- ■
day so popular., goes a higher
level of risk than the ordinary

holiday. • or other mishap, a further 2,040

It is not so much prudent to vehicles had to be recovered;
Insure against the unexpected 60 patients were repatriated in
as essential.. And with the great the AA’s own air ambulances
variety - -of . comprehensive' and another 108 brought back-
schemes now on offer, there on scheduled flights.

You forgot to insure us so you can thumb a lift ■
■ there and pray for a miracle ! ” .

should be no reason why even
the direst of mishaps should
lead to financial loss.

The main areas the scheme
cover are: Having to cancel a
holiday at late - notice, for

The 5-star scheme has been
slightly ' expanded this year.
Changes include a free Bail
Bond for motorists travelling in
Spain, no charge for personal
insurance for infants under four

example through illness; ’un-. .and an extension to 10 years

optional ingredients you want
to mix. Basic premiums cover-
ing vehicle security only are
available from the AA at
£12.50 for up to 12 days, with
travel and personal- security
cover payable on top.

In both cases, help is -a phone-
call away, to the organisations’
continental emergency centres,
which never close.

One

important aspect of

will provide immediate con-
firmation that any hospital fees
will be paid. This is highly,
relevant, since the reciprocal
medical treatment arrange-
ments within the EEC mean,
only that a National Health
Service registered person can
reclaim any fees on return to
the UK.

It is important before setting
out to obtain from the Depart*-
ment of Health and 'Social
Security both a list of the
countries with which reciprocal
arrangement's exist (booklet
SA/30) and Form El 11, basic-
ally the NHS certificate of
entitlement to treatment and an
application for which is printed
in SA/30.

In theory, travelling inside
the EEC. should mean that yon
po longer require the insurance
’ “ Green Card;” in practice, it is
unwise not to have one because
most standard car insurances
will provide only the cover
while travelling abroad.

, Package schemes are not con--
fined ot the two best-known
motoring organisations. The
Association of Brtish Travel
Agents runs a scheme called
■ Extra Sure which aims to cover
any the more risks, and which
incorporates the AA’s 5-star
scheme, while Europ- Assistance

expeoted delays, such as a strike of the age at which a car their operation is that, in the -based at Crovdon also runs a
hitting ferry operatprs; loss or becomes liable for an extra case medical problems, they variety of policies,
theft of luggage; car break- premium.

downs; medical costs of illness Its provisions indude: an
or injury and the associated allowance of £15 per person per
expense of relatives extending day in respect of travel delays;
their stay to be at the bedside; --«p -to £600 per person for lost
transporting a 'badly broken, or stolen baggage -(although one

down car back .to the- UK, and
flying its occupants home, .

Both main motoring organisa-
tions run comprehensive
schemes: tbe AA" through its
5-Star Service, the RAC through
Its Traveller Bond scheme. . -
Last year. the. AA covered
520,000 continental travellers

cannot claim.. until one's return
to tbe UK); up £200 to cover
the cost of getting parts to a
broken down car; payment of
hospital bills, extra accommoda-
tion, repatriation, costs and
other expenses up to £20,000.

The full list of benefits is
extensive, and is ■ broadly

and their-225.000 cars. Of those; matched by the rival RAC
12,000 cars were tbe subject of scheme. How much they cost is
assistance through breakdown dependent on how many of the

FRANCE 1982

Take
our

’ fitfreato

holidays in

Paris, Prevent* and the Gdte d’Azur.

Channel crossing with Townsend Thoresen.

Fpr our 1982 France & Corsica brodwto cag

us onOI-439 3380/437 4078 (24hows):- 'J
contact your local ABTfA travel agent ©cwriftrttt

DeptFT46Mar*#wH Street London W1V2P A

5HS3S

Thomas Cock it

r

9

Financial Times Saturday February 20 1982

TAKING YOUR CAR ON HOLIDAY II

MOTORING

‘-'r- yws'- v. •:

: ).S 0 K'

The Dover car jerry terminal: where abroad begins for many

BY JOHN GRIFFITHS'

NATURALLY IT was too good
to last. The Contmetal ferry
operators, Hcfcmg their wounds
from two years of price war in
the Channel, have 'put. up~ their
prices by about 15 per cent this .
year — 11 per cent for inflation, -
the other four per 'cent to
obtain a measure of profit in
contrast to the tosses experi-
enced by all three main opera-
tors in 1981. .

But within that overall rise
more is being- done, via price
incentives, to ' spread demand.
Inevitably, peak demand is for
the daytime crossings in July
and August. But now, more
than ever, operators are anxious
to lift the “ shoulders ” of
demand on either side because
of increases in carrying capa-
city brought about by the intro-
duction over the past two years
of much larger ships.

State-owned Seafink, for
example, has two new “flag-
ships." each with capacity for
340 oars, nearly double that of
previous vessels: And lest that
should raise fears of jumfco-jet
type delays in boarding Dover
and Calais harbour boards have
built double deck car ramps to
allow a loading time of as little
as 10 minutes, 'fhat in turn has
allowed total u turn-round’’
time to be halved to an hour.
The result is frequency of sail-
ings unchanged but capacity
doubled. European - Ferries
(Townsend Thoresen) has
added speed as well as capacity
with its new vessels, cutting the
Dover-Calais time from 90 to
75 minutes."

The structure of charges
remains as complex as ever,
enough for Sea-link to have
spent months on its. new colour-
coded brochure aimed at sim-
plifying the task of sorting out
the special offers. These boil

down to travel mid-week, or at
might, or out of season and pay
much less.

- The broad, stogie fare struc-
tures of the principal operators
are as follows.

.Sealink. Last year’s peak “A”
tariff, for example — £67 for a
Cortina carrying a family of
four on a peak summer week-
end daytime crossing — has
been replaced by a new top
“B” tariff £72.50. The remain-
ing C. D and E tariffs ace pro-
gressively cheaper.

The C tariff applies to early
mio r m iing and evening sailings,
while .the D tariff is tor mid-
week overnight sailings. Here
the saving are considerable.
There are (three car-length
charges — vehicles up to 4
metres. 4-4.5 metres and 4.5-
5b metres. The D tariff tor
the largest cars is £28.50
against £55.50 tor the B tariff
—a saving of £54 on a return
journey.

Standard charge . ,

There is a standard charge
for passengers throughout the
season £8.50 for adults £4 tor
children-

Another innovation as the
introduction of a single tariff
of £15 for any caravan up to
5.5 metres throughout the year
oh the short routes to France.
There is* little differences in 'Sea-
link's charges on the ' longer
routes -to Ostend, Dunkirk and
Boulogne— except -that the cara-
van price as doubled to Ostend:
But 'rates' on tee longest
Weymouth-Cherhourg run are
doubted for passengers, to
£16.90 for adults end £8.60 .for
dnldren.

SeaHnk's E tariff provides a
flat rate tor a car of £11 on

the shorter routes but ends at
the beginning of ApriL

To bolster business further
Sealink is also promoting short
excursions— 60 hours allowing
a return trip for the same
price as a single and five-day
excursions also offered at con-
siderable discount.

Townsend Thoresen Prices
pn the short routes approximate
very closely to Seadink’s,. pas-
sengers being charged slightly
less (£8 adult £4 child) and cars
costing slightly more (between
£20 and £61 depending on size
and tame of . sailing). Peak
period charges tor a Cortina and
party of four reach a maximum
. of . £76 on the Dover-Calais
route, dropping to £72 on tee
crossing to Zeebrugge and rising
to £106 on tee Portsmouth and
Southampton services to Le
Havre and Cherbourg. Towns-
end Thoresen' s short excursion
incentives structure is swirilgr
to Sealink’s.

P & O Ferries: The new-
comer .to the Channel, operating
between Dover -and Boulogne
and Southampton-Le Havre,
claims to offer tee cheapest
options of all because -its
cheapest rate can be obtained
throughout tee year on some
night crossings. It, too.
operates cheap excursion on a
48-hour and five-day basis.

H overspeed: This is the
new company resulting from the
merger of 'tee Seaepeed and
Hoverlloyd interests. It
operates from Ramsgate to
Calais . . and" .from Dover to
Calais and BouJo^e, tee
“ flights " taking little more
than. 20 minutes. For once, no
economics degree is needed to
find (toe’s way round tee fare
structure. There is a standard
rate of £35 one way for all cars

up to 5.5 metres, variable only
by a £10 increase in . July and
August mid £10 less if crossing
before S am or after 8 pan.

There is one fare of £8.50 for
adults and £4fi0 tor children
under 16, with infants tour or
under travelling free.

Whole the short crossings
cany the bulk of traffic, there
is a continuing growth - of
interest in longer routes through
their ability to -save driving
wear and tear.

Brittany Ferries, operating
between Portsmouth and St
Malo, land Plymouth and Roscoff
and Santander has been enjoy-
ing growing business. Mean-
while, Olau line has expanded
its capacity on the run between
Sheerness and Vlissingen in.
Holland. -

The merit of longer crossings
•is that one gets a full night's
rest, which with on-board din-
ner, can turn a chore into an
integral part of the holiday.
Such services are offered for
those in tee north by North Sea
Ferries on its HuU-Zeebragge
service. For those wishing to
travel to Scandinavia, Danish
Seaways is now handling hook-
ings to a variety of destinations.
Sealink is also running car fer-
ries' to tee Channel Islands and
has acquired new vessels for its
Holyhead service to Ireland.

PRINCIPAL ADDRESSES

Sealink: PO Box 29. London
SW1V 1JX; Townsend Thoresen:
Freepost 1. Dover, Kent CT16
3BR: P & O: Freepost. South-
ampton S09 1BG; Eoverspeed:
International Hoverport, Rams-
gate, Kent; Norte Sea Ferries:
King George Dock. Heldon
Road, Hull HU9 5QA; Brittany
Ferries, 84 Baker Street, Lon-
don W1M 1DL; Olau ’ line:
Sheemess, Kent ME 12 15N.

Townsend

Thoresen for *82

Townsend Thoresen.\foted
‘Car Feny of the ’fear’ for
the third consecutive time
by the travel trade. Once again,
the people in the know rate
us the best in the business

So when it comes to booking
your car ferry for ’ 82 , wouldn’t
it make a lot of sense to choose
the company chosen by the
professionals. Townsend Thoresen.
You’ll find us unbeatable.

^Smi can’t beat the routes

Seven supetily situated routes to the
Continent Plus the quickest crossing
between h^landaaiScotlamL'Ssgeteallwi?
offer you a ntarveUous choice of ito get

yourself (Hi the ri^it road to your bolid^

Look at your map. Then lode at ours.^ where

youTre going, vtategoing. and lots of

times.

You can’t beat the ships

. Sail with the most modem fleet on tee

Channel, ftk *e fleet that includes tee
unbeatable Blue Riband record-breakers

behwenDoverand Calais, the fastest way to
- tabeyour car abroad ty ship-"Whichever
route you dKXJse, youTl find 1^, stabilised
ships designed to meet tee voy hipest

standards.

You can’t beat the service

Come on board and discover the special -
brand d Townsend Thoresen service. Our -
staff reafiy do go outol their way to help and
advise. Dealing with your currency
requirements. Serving your favourite drink or
a tasty meal. Shopping fer unbeatable

bargains in tee duty-free and giftsh^®-
Wherever you go youH be looted after wdh

friendb'efficiency

You can’t beat the value

Rtfsenger lares start. at S8. Caravans and
Trailers at £9. Cars atSI2.There are
mini-breaks with up to StFo off the standard
lare. And you'll find teat the same
outstanding value appiies to ail our B2
tarilfs. Unbeatable routes, ships, service and
value. AH excellent reasons why you should
make Townsend Thoresen 3a2sff Car Biny of

theTfear.

Name.

Address.

Rr vour copy of lbeB82 Car Ferry I
Ho&fay Gride, seeycurTiwe! *
JuhMi- - - Agent. Motoring' Organisation. I
Careping or CatswaaQubcr write ■
toTbwnssndlborescaBroctore I
Dept. EO. Bor E,Dcwi;KaX ■
CHS HD. I

.FbstCode^

The European Ferries |

TMNDTira:

The fleet you can't beat^j

A winner

from

Datsun

f STUART MARSHALL

ANY EUROPEAN manufac-
turers who haven't got round
to evaluating a Datsun Stanza
should buy one straight away.
They wifi be doing themselves
a favour because they will dis-
cover just how good a medium-
size family- ear can be.

When. X sat in a Stanza for
the first time at Frankfurt Show
Jast September . I thought it
looked , like * winner. Having
just driven one Tor nearly 500
miles, I- rate it equal to the best
of the competition — and it sells
at a price that must send cold
shivers -down- the spine of any
EEC-based car maker.

There are three Stanza
bodies: a four-door saloon and
three-door or fivedoor hatch-
backs. They have front-wheel
jlrive, the cross-mounted
engines are L6 litre 81 horse-
power or 1.8 litre 88 horsepower
four-cylinder units of classic
overhead camshaft design.
There is a choice of four- or
five-speed manual or three-speed
automatic transmission, the
steering is by rack and pinnion
and the coil sprung suspension
is fully independent.

Everything about tee Stanza
is new and it is only the first
of a generation of Datsuns that
will replace the mainiy rear-
drive current models over the
next few years.

The car .1 have been driving
—the 1.8 SGL five-door auto-
matic — is the flagship of the
Stanza range. It had. as
standard, power steering, tinted

windows. lustrous metallic
paint, light alloy wheels, push-
button LW/MW radio, rear
window wash /wipe and a digital
clock— and it costs £5,693. An
electric sunroof that slid or
tilted was £305 extra, making
a total showroom price of
£5,968.

Compare that with the
smaller manual Ford Escort
Ghia five-door at £6,118 or the
Vauxhall Cavalier 1.6 litre GLS
automatic for £7.122. The five-
speed manual 1.6 litre Stanza
SGL five-door costs £5,320: the
almost identical, if slightly
longer. VW Passat Formel E
five-door hatch is £6.187. Bear
in mind that tee Stanza comes
with power steering — which
none of its rivals has — and its
value is thrown into even
shaker relief.

The motor industry concedes
that but for the agreement
between Britain and Japan
limiting sales of their cars to
about 11 per cent of the UK
market, Japan would probably
hold 25 per cent. Honesty
compels me to suggest that if
all tee Japanese cars .were as
good as the Stanza. 25 per cent
could be a considerable

Datsun Stanza U SGL 5-door

underestimate.

And what makes me so
enthusiastic about the Stanza?
For a' start, the engine is-
smooth; vibrationless and very
quiet indeed up to 5^150 rpm,
at which the speedometer is
showing 100 mph. The auto-
matic transmission shifts self-
effacingly; the steering has just
the right amount of power
assistance for effortless parking
but allows the Stanza to handle
on winding roads as nimbly and
precisely as any rivaL The ride
quality is excellent, with
minima! thump from the grippy
Japanese-made D unlops. There
is hardly any wind noise; you
can see why when you note tee
accurate lit of the doors and tee
sophistication of the rubber
seals.

The driving position I found
admirable (there are three
variable degrees of lumbar
support in the seat backrest):
the steering wheel adjusts for
height and there is a left foot-
rest. Instrumentation is clearly
seen, day or night, and the
powerful heating and ventila-
tion system is vacuum con-
trolled by four push buttons.
The front armrests are hollow

MOST METROS are • quite
expensive but as an involuntary -
shareholder in BL, Fm glad
they are • charging what- tee
traffic will bear. But there has
been a demand- for a cheaper
one and this week it appeared
in the form of the £3,250 Metro
City. Simpler specification apart
(vinyl seats, rubber mats, no
rear parcel shelf or window
wash/wipe), it is similar to tee
basic Metro (£3.448) and not
much different from the £3,899
Metro L. That makes it a fiver
less than the Ford Fiesta Popu-
lar (“A more austere car
altogether than the Metro City,”
said a BL man, loftily). I doubt
that it will undersell the least
expensive version of the Talbot
Samba (due in a few days) and
what about tee £3.177 Hyundai
Pony and £2,fl99 Zastava hatch-
backs?

' '• Metro City

(there is room inside for things
like sunglasses); both door
mirrors arc interior-adjustable;
the back seat lets down in two
halves to increase luggage
space. Looking hard for faults,

I discovered that the rear wiper
motor was noisy, the rear wash/
wipe and demister switches
weren't illuminated and on
some surfaces Uie steering
geometry allows a slight
wander to. develop during
straight-line driving. And the
family labrador indicated that
the sill was too high to jump
over, she preferred to reach
the load space by a side door.

My fuel consumption was 30
mpg for typical commute r-cum-
domestdc motoring. The official
56 mph. 75 mph and urban
cycle figures are 36.2 mpg. 29.1
mpg and 28 mpg. The much
higher geared (25 mph per
1,000 rpm in top) 1.6 litre
manual 5-door Stanza's figures
are 51.4 mpg, 3821 mpg and.29.1
mpg. so an average consumption
would be close to 40 mpg. Both
fuel filler door and hatchback
are openable from the driving
seat: you push or pull the
the same tiny lever as the case
may be.

New models have also been
introduced by Honda (tec
Accord) and Toyota (Carina
saloons and estates. Celica
hatchback). I haven't even-seen .
an Accord yet. let alone driven
one, but I tried the new Tnyotas
on a saturated Goodwood circuit -
a couple of weekends ago.
Headlamps and red rearguard
I amps were essen t ial in the
teeming rain: my wellies
attracted envious glances as I
slopped through rbe mud to the
pits. All I can realistically say
is that tee tyres (Japanese
Dunlops again) clung on
reassuringly during very hard
cornering and didn't aquaplane
much through the puddles.

The engines and gearboxes
(four- or five-speed or auto-
matic according to model) were 1
unruffled by fiat-out driving and 1
the wipers and demisters coped ;
with tee downpour. I thought
the cars looked nice, too.

Summer Adventure in
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HOTELS

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Tel: (S3) S5.Z7.27

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.iMFsTy-

French leave

BY GEORGE MALCOLM THOMSON

End of the Affair:

The Collapse of the Anglo-
French Alliance 1939-1&40
by Eleanor M. Gates. Allen and
Unwin. £15.00. 630 pages

Fortunately it was only an
affair, not a marriage so that It
could end without divorce. legal
proceedings, or too many of the
usual attendant unpleasant-
nesses. Not that there was any
shortage of recriminations .hut
these happened at a time when
the war- kept people's minds on
more important things.

My own first intimation that
things might not be well with
the Anglo-French affair came in
an overcrowded carriage on a
train going from Rouen to
Calais. It was one of the last
days of August 1939. and most ^
of the passengers were British
tourists leaving France, with
all appropriate speed and
chatter, for their island fortress.
Suddenly a French woman sit-
ting opposite me said in a loud
whisper in her companion: g ene
"God, if the English knew
how they imtate us" (nous
cmhctcnf ). ‘ *® u t

The passionate dislike she sent,
put intn the phrase made a dis~ it

reserve? " Churchill asked.
Gamelin had none. But the
British had only a bandful of
divisions in the battle, and when
they were asked to send more
fighter squadrons from England,
refused to do so. Those planes
were needed for the. defence of
Britain herself.

It was the moment of truth,
as painful as such occasions
usually are.

In the most dramatic section
of the book, Eleanor Gates
describes Churchill's visit to
Tours a»t the moment when
everything was tumbling about
the ears of the two governments.
While Chruchill strove : to per-
suade the French to transfer
forces to North Africa, while
Rfeynaud dithered (with the
mischievous whisper of Helen
de Pones, his pro-Nazi mistress,
■ ever in bis ears), the unctuous
Paul Baudouin worked tirelessly
for surrender.

At a meeting of the Supreme
War Council in the Prefecture
of Tours, ChurChill pleaded
General. Maurice Gamelin In 1940 eloquently for France to stay in

BY JOE JRQGALY

V'-

Hx*rC^3

saUst's skill in 'stringing to* r
The English Middle Glasses getter large numbers erf bits.ztnd . .
are Alive and Kicking. Pf<*ef of information '. one can
hv Ian Bradley. Colima £6.95 visualise him. writing the book _
(naDc?haS) ^pSS « * > at a table spread with newspaper-

^ P : cuttings, open reference books, ]

-•mere is no '.doubt: that -the -Scribbled notepads full of apt : L.

■rtgr5aa?a?sas
r^ssersa -.sw?*

tfw rnoint where the- were inextricably bound parts of . i

SS^aKSToSSf “s.gg-

employment will tie WumoIIk' &|!SSSjSj£f- 0,1 SJ{;“5i!-'
workers. This Is a long-term ^ojctananwabon. which -to

trend presently exacerbated by T?** £*

i^ l *J a S£SSSK l? 25£ 3S£ is muddled. £ I -

wbl _ cb „ formation abounds, thought does

Jackets for ‘Summer Moonshine' (in Finnish) and The Mating Season * (in Swedish) — two plates in the
belated but nonetheless splendiferous symposium from the Pierpont Morgan Library * P. G. Wodehouse:
A Centenary Celebration 1881-1981/ (Oxford, £40.00)

among unskilled workers. not T. ^ u - *

If it were not for Mr Bradley's . T ' hi<: ^ ^ t0 say that the ,
book, one response to the re* impression it creates is ~ all *;
presentation erf this information wpttn t» Tftn better-off have ua»-~
might be. 44 so what else is new? doubtedly weathered the races- 4
The move from, farm to factory, jn greater comfort than the «
from factory to office, from poor or relatively low-paid. Tbo r
private-sector offices to town Lef t ^ certainly in disarray; .-ft 1
halls and state service is well" not in retreat. The trade noiotr -?

movement is apparently

"God, if ihc English knew the war. It was, said Beaver-

how they imtate us" (nous t brook, who was there, the most

embetenf). ‘ *® ut the British would not con- magnificent of all his speeches.

The passionate dislike she sent. although it was addressed to a

put intn the phrase made a dis~ it is useless to blame the mere handful of men. By that
agreeable impression which government of the day, which time the question was, would
came back to me several times happened to be Tory. The Britain allow France to make a
during ihc months that fol- British people would not allow separate peace,
lowed, especially in the early their Government to take any Churchill went into the
summer of 1M0. It seemed I part. • however small, in the Garden of the Prefecture, drio-

documented; nor is it merely a

agreeable impression which government of the day, which
came back to me several times happened to be Tory. The

China set

lowed, especially in the early their Government to take
summer of 1940. It seemed I part. * however small, in
had been given an ominous enterprise.

Churchill went into the T* 1 ® ■ Gate °* Heavenly yeap tu uhs cennuy are urawn
Garden of the Prefecture, drip- Peace with stunning effect,

ping after the rain, to consult by Jonathan Spence. Faber and Shen Congwen. now 80 years
his colleagues. ■ Beaverbrook Faber, £11.50, 465 pages old, in Peking. : came, from re-
said, “ We are doing no good Z r , ~ ” mote western Hunan. As a horri-

here, Winston. Let's get along ® famous writer m fied child he saw the hundreds

home." Thev wenL China is a hazardous profession. 0 f beheadings which followed

It was the end of the alliance. the 1911 revolution. Xu Zhimo,

It was not. of course, the end 5* t p , eace tJJJmSI 811, b | ds ’ 25 1536 P®* 1 * had a dlffewnl kind of
of relations between the two n J?, n S experience. Coining from a rich

countries. Ahead lay that JSSILirw*. 4 ' *hUfh fama y (grown richer by sufcply-

h arrowing incident, the British to revolutionaries in

attack on the French fleet at Hangzhou), he . went in. the

warning.

Hanging up aod down this
vast subject with a candour and
even-handed Justice with which
it has not often been dealt,
Eleanor Gates has no difficulty
in singling out the successive
turning-points in the ' drama.
Being, as she is. an American
scholar is no .doubt a help.
There are some incidents which
even now. in post-war peace and
aemi-lranquiliry, it is hard for
a French or an English writer
to contemplate with coolness.

The first great crisis, which
some judges would say made
the whole sequel inevitable,
came when Hitler occupied the
Hhineland and the British
Government would not move to
eject him. Yet how easily it
could have been done! The
French generals wanted to do
it. The German generals
prayed that it would be done so
that they could get rid of Hitler.

We were warned by Flandin,
the French Foreign Minister,
that it meant a fundamental
reorientation of French policy;
France would have to make the
best terms she could get from
Germany. By the time of
“Munich," the consequences of
this revolution in the European
balance were apparent. The

: — British phenomenon. If this shift mng scared, at least at the TQ&

in the employment patterns of level. The number of property-
many Western industrialised.. owners is growing from a scant
countries means fewer manual majority - into a substantial
BY COLINA MACDOUGALL workers, the traditional pro- majority (even the miners?

letariat, does it also mean the recent vote against a strike

Fu Yuel.ua. 71>e. chaotic early .but if he had survived fbe nea

Peace with stunning effect,

by Jonathan Spence. Faber and Shen Congwen. now 80 years
Faber, £11.50, 465 pages old, in Pekingr. : came, from re-

— — — r : — : — mote western Hunan. As a horri-

To be a famous writer in fied child he saw the hundreds
China is a hazardous profession. 0 f beheadings which followed

years of this century are drawn 25 years, as Spence observes, he
with stunning effect. might have blotted his copy-

Shen Congwen. now 80 years book,
old, in Peking.; came, from re- “ ■ When. the Chinese are con-
mote western Hunan. As a horri- fronted with, power [Iai Xun
Red chHd he saw the hundreds ■ wrote] they. dare not resist . . . ;

Few have lived undisturbed.- to the 1911 rev^utfon. Xu Zhimo,
die peacefully in their beds, this ^ ^ had a differe nt kind of
century. Jonathan ^Spence s experience. Coming from a rich

lectuals. He makes the Gate of

French, morally committed to Merwl-Kebir. And lurking in HeaveSy Peade^enanmeiL Ms
Czechoslovakia, did not seriously the wings was De Gaulle who S^bDl-standineat^ce to?
contemplate carrying out their was to treat a British alliance gj?erial aSna'f resistance to

obligation. The British, who
were not committed to the same

degree.

with something like disdain.
But Eleanor Gates is only con-

1 920’s to Cambridge, where he
dallied on the Backs gazing at
the Cam; conversing with friends
who' included E. M. Forster and

When they have power, most
of them are creed, heartless,

“ aWi ' al j

are r^dytoresto Selves ^p, l or th,, no.X^Titi

wan TVntv<n<v n 4 «, a .l A -j., ijL. that Mr Bradley's book seems that belong;
. JSJW5 . He W^a Jou -ether book,

for criticising party -officials. -

And that has been the/policy, ' ” ~

more or less, for writers ever 'a s% ~W ~W 9 "W '

sin'ce. The chaotic Cultural i

Revolution was particularly ZM mm ##-# mMJ

cruel. China’s' most dis- / JL I & \»s * M.JL1Uwww\*

tinguished writer- of his time, ,

Edo 'She, died mysteriously- in . ov m(yTrtN Vi.

1966 - at the hands of the Red • »Y JAMES BUXTON

“middle class? w - The words are pblicv o£ selling them the |
put in quotation marks because bouses they previously rented !,
they belong, to the past; social. paying a social and political ,
change since the second world.. dividend). But these are deep :
war, with the emergence of currents, not easily summed up *
white-collar trade unionism and j n phrases about the “ middle
the advance ' of women into .classes “ being “ alive and kick- j
employment, has been . so pro- ing.>‘ jsjor is the most important t
found that the old; terms will ..corollary praperl>' treated : that
not serve as useful .analytical the British centralist tradition
tods. - - -of concern for the worseKjflf can-

It is perhaps for this reason not be set aside any longer. But
that Mr Bradley's book seems that belongs, perhaps, to

intensely . con- cerned with that future.

IS JS r 5 " H.G.WeHs. Xu was typical, in

cerned about their failure to
save the Czechs. They were
beginning to realise the truth of
Flandin's warning. But it was
too late.

In May 1940, the alliance came
crashing down -In a cloud of
dust. After a few hours of fight-
ing, the French front collapsed.
“ Where is your strategic

deals with the downfall of an.
alliance built upon the illusion

that; the other partner would— I 0 f intellectuals.

tionary dramas played out ^ H “ Qt iQ hifi

before it. Subtly, it signifies the /T

persistence, throughout the 20th 2?2 e J?thJ ^- Chinese Intellec ‘
century, of authoritarian dis- tiuls of -the time.

China's

i ■ - . ■ . , « ' ■. uuou U 1 I uiA(iU7i.iuaia» . a/iac au, vimid 9 j

ana could— bear me mam Spence's story begins in 1895 writers were looking for a new 1966 -at the hands of the Red

weight of - the joint task. Hers -with Kang Youpei, who nar- philosophy to replace the tradi» -Guards. From the ashes of the
is chilling and enlightening rowly escaped execution in 1898 tk>n of Confucianism. Outstand- Cultural Revolution rose' the.

tale - . for proposing reform to the ing among the^ was the writer democratic writers of 1978,

As is often the case in affairs Emperor. The book ends In Lu Xun, who died in 1986. To- with their posters and un-

of this kind, there were faults 1979 with the arrest of the two day Lu’s works are classics official magazines. 'Predictably,

on both sides. ’ democrats, Wei Jdngshen and among Communist literature; they were silenced.

After Haile

Leaps into feeling BY MARTIN

SEYMOUR-SMITH

. BY_ lAMES^UXTON ; '

The challenge became so great * .

The Ethiopean Revohition - that the Derg finally launched --
by Fred Halliday 'and Maxine a campaign of- Red Terror i
Molyneux. Verso Editidns. £5.95.' "against much of the civilian'.!
304 pages' ' V- left, and crushed it: up to -

— — — : r 30,000 people, were imprisoned 1

Until a few months before and several thousand '
he was deposed Emperor Haile murdered The same rigidly;;
Selassie of Ethiopia was re- uncompromising attitude of the

A Loss Of Heart

hy Rohert McCnitn. Hainish

Hamilton, £7.95. 282 pages

Due South

by Jan Webster. Collins, £7.95.
320 pages

Confessions of a Homing
Pigeon

second novel is that of the diffi-
culties faced by the generation
of Englishmen who were bom

by Nicholas Meyer. Hodder and with the "old" advantages, those
Stoughton, £7.95. 378 pages of the class that carried weight

when Great Britain was at the

The real theme of Robert head of an Empire. He lets us
McCrum's feelingly written see that ■ these advantages.

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though still disconcertingly and
illogicalJy taken for granted,
■are, for sensitive people, who
want to discover meaning In
their lives, obstacles to the find-
ing of freedom.

But he does not do this in
any obtrusive manner, and the
style of his novel is distin-
guished by a rare feature: he
can deal with feeling without
embarrassment This is refresh-
ing at a time when to have
any emotions at all is reckoned
to be a severe weakness, and
when even love of nature is
transformed into anger.

• Philip Taylor, a man with
such ‘‘advantages,’ is already;
at 30, defeated: marriage
finished, job meaningless,
rejected by his Midlands indus-
trial family as lacking in the
sterling qualities which go to
make up commercial success.

Then, by a brilliant stroke ^>f
plotting, the author causes him
to be launched, reluctantly, into
an adventure which leads him

garded as one of the world's Derg and its leader. Colonel •
most astute wlelders of political' Mengistu Haile Mariam (Head 1
power. He maintained almost of State from 1977), helped '
unchallenged dominance of that intensify ' the discontent in ; '
wild, legendary epuntry by many of "the provinces, especi- »

faithful application- of- the prin-

copies of MachiaveTlU and by populated south-east, which lit
the awe engendered by his per- ^77 produced ward that could

many of "the provinces, especi-
ally • Eritrea and the Sotnali-

son and his position.. have .dismembered the country. {

. Yet not only did his regime But the subsequent defeat of'
collapse in 1974 With - scarcely the' Somali invasion conso)i- :
a shot -being fired'' In its de- dated' .the regime.-' The Soviet . "
fence but Ethiopia" 'then under- Union aifd Cuba played an ■
went as profound^, revolution .important part in that defeat
as that of Russia,, despite a pre- ^ switching support to
vious absence ' of pr g^j feQ . .Ethiopia, from the Somali army
orwoltitibw groups, m guerrillas they had trained'
Haale .Selassie!? regime col- td. invade It. But, as the authors

lapsed befcause; the middle class 1 ppiuf- ^ any Ethiopian

-efficials-aad- officers, sooner or later--
which he created, became have defeated the numerically.

the . super-

left his (in The Mayor of Cas-. steam, he does not write in feudaUy r run ■ "5? on. violent _

terbridge — but he “loved it facetious or pseudo-lyrical meet rising food needs in -, the Hor h' w

so well as never to. return to passages for his' more, gullible duced the crisis of the i973 1-

It”), to live and work in readers, to pretend to admife. famine. The resulting inSatioh ‘Ethiopia has- been politically

London's Fleet StreeL He does not cheat. was aggravated by the : OEEC iStable and increasingly peaceful

Due South does not -have George Bernini is the son of oil P* ic * MountiH^-jd^i- ! ever- since:, ‘but supprosslotr of .

Robert McCnrni: weighing the advantages, ;

terbridge — but he "loved it
so well as never to. return to
it ’’), to live and work in
London's Fleet StreeL
Due South does not -have

He does not cheat

George Bernini is the son of

into the ‘ real ’ world of the much true imagination, or tin- a mother who is a member of a content.- led in 1974

early 1980s.

guistic power; and the outlook

The result is a novel of some- is stodgy... But it is honest and
times horrific irony; nor is it persistent, and as it continues

one which holds out much hope,
except inasmuch as & carries

takes on a quality that is almost
compulsive. The author’s

within it the implication that a characters -are real enough —

desire for values does exist In
individuals. It is -a great

they are not puppets — and it

; individuals. It is -a great is because of this, because, they
improvement on an effective are not . manipulated, sentimen-
first novel, and displays a writer tal puppets, that Due South has
who. wben he reaches the authenticity.

nnwwt -rn^v SS! Nicholas Meyer, who wrote a

powers, may achieve remarkable best £££ er> The Seven-P^r-Cent

Jm Webster had some sue-

. wjTn-o pasticne, vmcn was done iu5t
cess with her Glasgow trilogy about as well these thines

*£2Sf«‘J£i

even compared it % Ga?s- “SSS “« ^

wortiiy, though I think that was Jg”? ^ nr,ance - n • • “
injudicious in many ways, some s

of them injurious to. the author. It is in the zany tradition of
Due South, set over the 30 such writers as J. P. Donleavy,"

circus troupe. She dies in a
trapeze accident wben he is five.
He is- handed over to an eccen-
tric guardian^ a. child's delight:
Unde .Fritz. Uncle Fritz, a
composer and pianist of what
might Hie described as the old

nalities. may bode ill.

minor clashes by troops' anU /or the: ; future. And if the
students with, the rggimie.v iu .. system of land tenure was the
which' its mystique vanished: 1$ .:4>lfl L - regime's -undoing, the fact
collapsed. .' ' th 3 !’ . t he_- . new one is also not-.

■ Almost ' from the -be&m&Tv enougi surplus food '

the revolution was (XtixSk p ^ ese 5
a shadowy committeeSWfefS ! '

known - m the Tierv - _ turn. . The- - authors left-wiag

is Because of this, because, they . pans, is anything but emotion- known as the Derg- ' .wSAn a - * mi

highly irresponjibie, so mu* so iSdS" '
that his charge sees , the seamy land tenure which

(and happy) side of Parisian the economic base -of the old -.ASZ&Su/Xn

life,' although without being rfgime. Why the Derg became fheif iu

corrupted. : - so radical la. -outlook is im^ot v^Kki?

Then well-meaning relatives those- mysteries of reyotutions -n^^Butrauch^f the dranSof
pull George back to what they, which- Fred: Halliday and- tlSe Tl os in
feel is a ^Sponsible life:- he, Maxine Molyneux examine ftt SS& iTOtSSi?SS

finds himself in Chicago, at a this tmok^thb first comnreben- we SSmST tiltie ' ftiS

nice school, and surrounded by - sLye - study of the Ethiopian jfengistu himself rthnurir- wo

right. But much of the drama, of

finds himself in Chicago, at a ' this book—
nice school, and surrounded by stye - study
the ethics of Senator McCarthy Revolution,
at worst, and those of President A crucia

Mengistu himself (though we
Jearh 'that' Tn' 1980 he was still_
maintaining Haile Selassie’s

years from 1952 until the pre-. but is saved from being boring,
sent, traces the lives of Scots unfunny or exclusive by keep-
who have left their native coun- ing on -the right side of sanity:

at woraL and those of President A crucial fact was that the maintaining Haile Selassie’s"
Eisenhower at. -best , He cant, revolution gave ; »rtb- ; ..famous- lions dn the palace- be
take it; and it is one of the Marxist-Lent nist civilian orga- took over from him). Neverthe-

try, just as Hardy’s Farfrae when the author runs- .out of

Glencoe gore

** . ■ . m . -J _ _ _ — — -O— -urea num uiui/ ( CVCl U1C“

unfunny or exclusive by keep- achievements of this- deughtful nisations^ whose challenge ta -less. The ElkUmean Revolution
ing on -the right side of sanity: **?*** 11 show* W exactly military rule", impelled - the tells us all we need to know to

Derg ; to keep dne -step 1 ahead! understand, Ethiopia today.

Massacre: Hie Story of
Glencoe

by Magnus Unklater Collins,
£7.95. 159 pages, photographs by
Anthony Gascoigne

The way of life of the ancient

13- 1692, 38 men. women and
children were killed. Many
who escaped died later.

Pamphleteer Charles Leslie
helped to bring the massacre to
public notice. “ You say there
are many in England who can-
not believe such a thing could
be done and publick Justice not

rr:_Li. J uuu WWWUVO VIWWVC uui

H5|hland clans — poverty executed upon the ruffians,” he
stricken but proud and with a wrote.

thriving culture — is vividly a Commission of Enquiry was
Pictured m Magnus Linklater’s eventually set np. Predictably,
stoy of the Glencoe massacre. King william was exonerated
fis Scotland became -more although his orders to .hfs- troops
influenced by England and the were dear enough. He In turn
rule of law their tribal ways wept the affair und« the
were bound to become a thorn carpet as well as he was able,
in the side of the administration. UnTy one. question is . un-
lii many ways the fate of the answere d by this well, written
Glencoe MacDonalds anticipates account: what happened to the.
that of the North American two junior, officers who were

Indians— a clash of cultures, a
broken treaty and the official
extermination.

court -marti a lied for - refusing to
march on Glencoe 1 ■

Anthony Gascoigne has taken

Now in paperback f £1.95 ■

William Golding^

Winner of the 1980 BooberMcConnellPiize
faberandfaber r .

Goyernment troops stayed for some stunning, photographs of
nearly a ’ fortnight in their Glencoe. But the landscape has
prospective victims’ homes, a certain monontony, and this
betraying the clan's binding book uses far too many pictures,
hospitality law. On February DAY1D BLACKWELL

Corruptible, indestructible, self-analytical and sIick. McGee
holds your attention...’ . davjdqibsoN, Sunday Standard

£ 6195,^0002226073 -• -

11

Financial Times ; Saturday February 20 1982

HOW TO SPEND IT

by Lucia van der Post

to be your own home help

BARBARA CHANDLER is lake mrtwdy
else I know— she waxes .unite lyrical
about cleaning. Yes. cleaning— •
washing, laundry labels, scrubbing .
floors, that sort of thing. .Just mention
the word ironing and you. giro her the
cue for one of her favourite themes—"
how ironing is a lost folk art and all.
of us who neglected to absorb its
mysteries at our mothers’ knees will be
letting those precious skills -die off
forever.

Barbara Chandler is the sort of
person who never just staffs a toad of
dirty washing toto a machine. She
Knows all about such things as which
powder has which properties and
which should be used with which
machine. Those hieroglyphics time you
see on labels hold no fears for her;
she deciphers them instantly. There
isn't a fibre, a combination or a stain
that you could mention that she couldn't
deal with instantly.

As for that lost- folk art — ironing—
if you, in your misguided way, thought
that it was just a matter of common
sense ll’ve been under this misappre-
hension aU my adult life), then I ‘ "
challenge you to read the section on
ironing in Barbara’s latest book,
*JJoip To Cope At Home

There you will find detailed
instructions, not’ only on bow to treat
almost every fabric you could ever
hope to meat (and some you definitely
hope you'll never meet) bat detailed
instructions about which should be •'
droned from the back, which from the

front, which from the back only when
dry. which parts must never be ironed
on the right side, how ta deal with
trims and tabs, peeves and collars,
how to get rid of lame deposits in .
irons, how to save your Hex-holder
from strain. Z fed quite weak with
wonder that I’ve survived this far
without knowing any of these things:

Lest you 'thank that How To Cope
At Home is the kind of book that as
going to tell you far more. than you
want to know about a lot of tilings

you’d rather not think about, I feel
it only fair to add that Tm with
Barbara Chandler ail the way wben
she says “I got sick of muddling
through my housework ... I found
the only' way to stay anywhere near
in control was to try to- find the
right way to do things.” Knowing
what you're doing and exactly how to
set about it does mean that you
can deal with all those boring
necessities much faster and more
efficiently than if you’re fluffing

around not knowing which polish
to use or what temperature to set
the washing machine at.

Barbara's advice and information
was certainly all gleaned the hard
way. She found her mother, who
besides being a domestic wizard has
a degree in maths from Cambridge
University, was one of her best
sources (from whence comes her
theory about-, ironing being a folk
art). She consulted files, cuttings and
reference books all the way back
to the inestimable Mrs Beeton. She
talked to manufacturers, chemists
and home economists. She has
winkled out products for many
specific jobs and whenever they are
difficult to get hold of she gives a

mail order address 'so that they can
be sent for. She particularly
recommends the cleaning/restoration
products from A. Bell (for cleaning
stone and marble); the wax polish
by Renaissance and Swade Groom-
Cloth for cleaning suede.

So if you’re like Barbara and me'
and believe in finding the best and
quickest. way to cover the innumerable
things that need doing in any house.
wheTher it be a bedsitting room or
a mansion,- you'll find her book a
fantastic guide. It’s well worth
£6.95, if just for the addresses in
the back, let alone the clear
illustrations, the tables' of fibres and
the lists of dos and don’ts.

* £6.95. published by Ward Lock. -

At. your, service — a directory o£ specialist eleaners

FOR all those who absolutely hate '
doing the sort of things that Barbara
Chandler writes about, here is a
collection of useful addresses of
firms that will tackle some of the
myriad cleaning jobs for you.

Nearly all of them run a comprehensive
mail order service though your
Yellow Pages directory is always worth
checking for local cleaners.

SWISS HAND SERVICES. 16 Mai ton
Road, Westway, London W10
(tel. 01-960 6888) not only offers
to launder by hand or to dry clean
and hand-finish any clothing,
household linens or soft furnishings
but it has weekly van collections
and deliveries in the central London
area and a postal service for non-
crusbable items. Everything is done
in the old-fashioned way, small
tears repaired, buttons sews on.
Major repairs will be done if the
customer wishes and agrees to the
extra cost. A man’s cotton shirt
costs £1.30 (plus VAT), a two-piece
suit £5.15, a silk blouse £3.45 and
a fine tablecloth is charged at
£2.50 a square metre.

CURTAINMASTER, 33 Wates Way,
Mitcham, Surrey (tel. 01-640 2212/7)
offers a complete curtain cleaning .
service— from taking them down, ...
cleaning them and repairing them .
to rehanglng them. Whether they
be flimsy nets or heavy draped
and interlined velvet, Curtainmaster
will do it. Write for further details.

IF you can't bear the thought of
even a few days without your
carpets or your upholstery then
ALL SEASONS of Weir Bank.
Bray-on-Thames, Maidenhead,
Berkshire (tel. Maidenhead 34281)
is the company for you. It operates
all over the Greater London area,
in Kent, East and West Sussex,
Surrey. Berkshire and Oxfordshire

Washing know-how: guidelines from Barbara Chandler's guidebook

-and specialises in bringing its
equipment to the house. The -
equipment sounds exceedingly
sophisticated (according to All Seasons
its ability to “ wet clean ” upholstery
is a real break-through) and once
again prices vary so much according
to size and fabric that anybody
interested in the service should
contact the company direct

Most pe ople by now have heard of
JEEVES (branches at 7 Pont Street,
London SW1; 11. Heath Street, •
Hampstead, London NW3;

59 Connaught Street. London W2;

54 South Audley Street London W1 —
and now one in New York, on
Madison Avenue, as well) but not
everybody may know that the
range of services it offers is
continually expanding. Besides the
linen and laundry services, it offers
to test fabrics for those with
specially delicate (or esoteric) items.
It will restore suede and ‘leather, -
pack your bags for you, and now

it mends shoes as welL
JEEVES SNOB SHOP is the name of
the shoe mending operation and it
will collect and deliver in central
London and offers to deal by post
with every other part of the country. •
Anything from climbing boots to
ski boots and golf shoes will be
restored until they almost look like
new. The service takes about a
week and -prices start at £3.10 for a
lad/s^leathfer heel (gentlemen’s are
£4.60) and fib on up to £24.50 and
more for. an almost complete
restoration job.

SUEDE SERVICES of. 2a Hoop Lane,
Golders Green, .London NW11
(teL, 01-455 0052) not only cleans
and .repairs but will, also remodel
any garment made from natural
skin. The most disreputable-
looking garment can be restored to
something that if not exactly pristine,
will certainly be eminently wearable.
It prides itself on its postal service

and developed a special Postpack
to make it very easy for anybody,
wherever they are in the country,
to use its service.

Postpack comprises a special bag
to hold the clothing, an insurance
certificate, identification tag,
instruction sheet, price list,
guarantee and even the string so
that the laziest of us wouldn’t have
any difficulty in despatching a
garment to 2a Hoop Lane. Suede
Services copes with anything in fur,
leather and suede and the cost
obviously varies depending upon what
is needed — to repair a small tear
expertly costs from about £5 while
to clean a man’s sheepskin jacket
would be about £25 (prices include
postage and packing) . For a Postpack
send 60p in stamps or cheque to
Suede Services to the above address.

It’s worth noting that SKETCHLEY
has made a big effort to improve the
services offered by all 500 of its
branches. Among the special
services — a two-hour cleaning service
for those in a hurry, putting sharp
creases into trousers, a duvet and
sleeping bag cleaning service — it
will convert eiderdowns into duvets,
renovate your pillows, give new life
to your ties and repair men's suits.
Invisibly mend an.d dye (particularly
useful as so many laundries seem
to have given up dyeing services,
defeated in the face of the multiplicity
of fibres on the market).

If any reader has any problem with
laundering or cleaning services or
wants some service more abstruse
than those I've mentioned, then
the association to write to either to
complain, for explanatory leaflets -
or for advice about specialist
cleaners is: ASSOCIATION OF
BRITISH LA UNDE HERS AND
CLEANERS, Lancaster Gate House,
319 Pinner Road, Harrow, Middlesex.

- T— -S ■

DR those with a weakness for friends of the
any kind, here are two ways of bringing
aimalc into the house— especially apt for over-
rowded town dweller®—' without taking on any
r their attendant demands.

ABOVE: From the skilful paintbrush of
toy Li a. a former scholarship student at Liver-

pool College of Art, comes this cut out scenery
which makes effective screening and appeals to
. the child in us aJL They are handpalnted with
oil on wood and feature a tree skyline, with
grass beneath and any animal Boy Un thinks
suitable. He will work to commission. The
scenery comes in two sizes, about 12 in high by
about 7 in wide (£37) and about 24 ins high by
.about 12 in wide (£70). Delivery takes about
a month. A range of scenery is available from
Montpelier Studio, 4 Montpelier Street, London
SW? which will also take commissions.

RIGHT: Following hard .on the heels of her
first popular sampler, Lynne Alderson of Clover
Kits, has just introduced two new tapestry
designs based on themes requested by her
customers. Again the emphasis is on eminently
pretty designs, that are straightforward to sew.
The first is Country Garden which features a
house surrounded by pink tulips, yellow ducks
and daisies on the grass. A blank is left for
the name of year house, perhaps, or else the
traditional Home Sweet Home. The second,
shown right, is Cat showing an irresistible pink
and white striped puss basking on a window
silL There are 10 easy holes to the Inch and the
canvas is printed in full colour. The kits come
complete with Anchor tapisserie wool and cost
£14.50 (p+p inclusive) from Clover Kits, 59 St
Marks Road, Henley-on-Thames, Oxfordshire
(tel 04912 77181).

F. McEWAN

Small is successful

TO READ a newspaper or to watch
television these days gives such a
depressing impression of Britain
that it is heartening to hear that
there are still businesses — and
especially small businesses — which,
despite the poor financial climate,
are succeeding.

Although these enterprises are very
different from each other in concept,
they share certain factors in common

which indicates their success is more
to do with good management than
good luck. The owners, all of
them under 40, make a
point of seeking out good staff and
looking after them well. They
stll are full of enthusiasm, high on
initiative, not scared of hard work
and above all, they aim to offer
■the publi c an unnsuallv good service.
FAY SMYTH reports.

*^43LJte . V ■ 'T - ■ ■ U

' —

The first example of youthful
endeavour paying off is the Ken-
sington butcher's shop called
HICKS, 97 Old Brampton Road,
London SW7 (tel 01-581 5132).
Originally a fairly run-of-the-
mill establishment, it was
bought up a year ago by 32-year-
old George Wrey (right) and
Anthony Trindle (left). Neither
knew anything about meat, hav-
ing previously been in property,
but they set out to learn by
making contacts in Smithfield.
From this they learnt that suc-
cess depended on other things
besides selling meat, however

In an entirely different field,
the next success story concerns
six young men and women, all
related with the name of
Gllbey. Six years ago, they
opened a wine bar, the ETON
WINE BAR at 82/3 High Street,
Eton. Windsor. Berks (tel
Windsor 54921/55182) provid-
ing delicious food and wine.

Wine bars are of course noth-
ing new to most British towns,
but the Gilbeys have come up

COUNTRY HOP PILLOWS,
made by Harbro Soundsleep.
The Malting s. Horsecroft Road,
Bury St. Edmunds. Suffolk.
(Tel. Bury St. Edmunds 2275)
are a time honoured method of
inducing deeper sleep. Insom-
niacs take note.

Director Simon Harding, once
working with the Ministry of
Agriculture, was so impressed
by his teacher wife's success in
making and selling pillows in
her spare time, that he left bis

mm

good and well hung.

The result is that they now
specialise in game of alt kinds
when in season — pheasani,
woodcock, mallard, widgeon,
teal and grouse. They also offer
a mouth-watering selection of
pates, marmalades and pre-
serves and, more importantly, u
nationwide distribution of
hampers which last Christmas
went to all corners of Britain,
from - Sussex to Scotland.

Hampers are available dur-
ing the shooting season and con-
sist mainly of pheasant and
woodcock,' game pies (these are

Number 178 Wandsworth
Bridge Road. London SW6
(Tel. 01-731 6098), once a
funeral parlour, has in the last
two years been transformed by
its two new owners into an
attractive showplace for tiles
of all sorts. Besides simple
modem tiles in a wide range of
colours (at £3.50 sq yd, (hey are
considerately cheaper than the
average eauivalent elsewhere)
the REJECT TILE SHOP stocks
a charming range of patterned
tiles (from £5 sq yd). Many
are old ones ferreted out at
sales of Victorian and
Edwardian houses and disused
churches — the very properties
they are now being bought for
to restore. One of my favourite
designs, is a group of four
handpainted tiles, each 6 ins
square, featuring a pair of
parrot^, £15 the set.

Orders come in form as far
afield as Mauritius and Sierra
Leone sometimes for as many
as 5.000 tiles at a time. There
is no delay in supplies, and if
.you find after some time that
you want more of a certain tile,
the shop will dp its best to
oblige as quickly as possible.

with the novel idea of offering
customers entire cases of wine
(12 bottles) at wholesale prices.
These need not be all of the
same wine and can include
sherry. You can try out a glass
of “blanc de blanc" and then
buy a dozen bottles at just £1.S7
each. Those who live within
a reasonable radius of the shop
and who buy three or more
cases are entitled to free
delivery. Ail the wines are

•

job to open a small works
devoted to full-time production
of the pillow. That was two
years ago and he has just
celebrated the safe of bis
100.000th pillow.

Down tbe centuries, hops
have been renowned for their
soporific qualities, apart from
their role in flavouring beer.
George IH is reputed to have
benefit ted from sleeping on
such pillows. Today’s versions
are much more comfortable.

Tinui H,.mphnes

sold throughout the year at
£1.K5 :■ pound and are excel-
lent value i. Hampers ordered
during ihe season tould include
a bottle or Famous llrousc
Scotch Whisky, Their home-
cooked hams II a vm it red with
cider and glazed with brown
sugar and honey or marmalade
are extremely popular. Smoked
salmon is another speciality —
wild, it sells Tor £7.50 a pound.

In addition to the smoked
salmon nil the lamb and beef
come front Scotland, from a
special supplier and nothing is
deep frozen.

Paul Desmond

’ ,‘ri '\ ^

Va. »••• * 7/ .

i

French and carefully selected
by the Gilbeys themselves,
often from quite small vine-
yards.

So popular is this wine offer
that the Gilbeys have now
opened a sales office in London
called M AND IV GILBEY ar
172 Bishops Road. Fulham, SW6
(tel 01-736 2552). lo cope with
the demand. Contact the
Gilbeys at either address for
full details of their wine offers.

Measuring 18 by 2S in Harbro
piiiows are mixed with either
hen feathers (£13.95). polyester
(£14.50) or finest down (£28.50).
Each one is band mode.

Find them in leading stores
all over the country, including
Jenners of Edinburgh. Harrods
in London and Savory and
Moore branches or obrain them
direct by mail from Harbro
Soundsleep which will send a
free brochure and stockists’ list
on request.

BRIDGE

£ P. C COTTER

LSHING " the opponents’
op honours "is a satisfying
i oeuvre, which receives a
a in amount of attention in
textbooks. Here is an ex-
ile from rubber - bridge,
th is worthy of serious

lyi -

n

♦ 5- '

(383

O Q J S 4-2
• * A K 8 7 3
E

W
J

Q-
3

9 4 2

52

» Q 9 7 4 3
0 J 10 6 4
O A 5
+ 10 6

♦ A 10 S 6 2
O A 9
O 10 9 7 6

+ Q 5 , _ , -

ith East-West vulnerable,
dealt and opened the bid-
wilh one heart, and North
>eted with two no trumps
? Unusual No Trump, ask-
jartner to take out into his
>r minor suit- This ^id
Id show 5-5. preferably 6-a.
ubs, anfi diamonds, and is
arily a defensive bid. 8US-
ne a possibly profitable

■“sacrifice.- East refused to be
shut out, and raised has partner
to three hearts. Now the ball
was in South’s court. With four
diamonds, an honour in clubs
and two Aces, South had no
hesitation in bidding five dia-
monds, which concluded the

auction,

West led the’ heart King,
and South had a tough prob-
lem to solve. With the oppo-
nents holding the Ace and King
of trumps, how was he to dis-_
pose of his heart loser? Clearly
clubs offered the only hope of
salvation— if the suit broke 3-3.
which was against the odds, he
would be all right He cashed
tbe dub Queen, crossed to
dummy’s Ace, and continued
with the King, East ruffed with
the five of diamonds, and South
overruffed with . the six. The
declarer now cashed his ’Ace
of spades, ruffed a spade on
the table, and returned a dub
which he ruffed in hand. He
led another spade, on which
West threw a heart— to ruff
with the trump King womd not
do any good, because the de-
clarer would merely throw
dummy’s remaining heart Now
the established eight of clubs
was led. East threw a heart, and
*o did the declarer. West had
to ruff with his diamond three,
and returned the Queen of
.hearts. This was -ruffed ui hand
by jhe nine of diamonds,- ana
South led' his last* -Erumprfhe-

ten, on which West’s King and
East’s Ace fell ingloriously to-
gether, and the contract was
made.

The . next example from
match-pointed pairs Illustrates
trump control:

N

♦ 4

Q Q 10 7

O K 10 7 6

♦ A X J 10 3

. W E

♦ KQ.JS2 4963

r? 5 3 <?J8 42

0QJ84 0952

+95 *764

S

♦ A 10 7 5

<3 A K 9 6

O A 3

+ Q 82

North dealt at game to North-
South and bid one chib, and
South repKed with one spade.
North could only rebid two
dubs,, but now South forced to
game with three hearts. When
North raised to four hearts.
South should have said five
clubs, which would have led to
a cast-iron slam in clubs, but
in view of the match-point scor-
ing he decided to bid six hearts.

West led the spade King.
South won in hand, .and con-
sidered the position.. Any
attempt to ruff a spade on the
table and then draw trumps
would result .in defeat if a de-.
fender turned up - with four
•be*rtr ; to -the Knave;- Trump

suits divided 4-3 require the
most delicate handling. The pro-
per continuation at trick two
is to lead a heart and finesse
the ten on the table. If this
wins, trumps are drawn — a 5-1
division must be discounted —
and twelve tricks are on ice.
If East wins with tiie Knave,
South wins any return, ruffs a
spade on the table, draws the
trumps, and again comes to
twelve tricks with three hearts,
one spade and a" spade ruff, two
diamonds, and five clubs.

The declarer should see from
the start that he can afford to
lose one trump trick.

CHESS

LEONARD BARDEN

SOME chessplayers are noted
for their ability to surprise
higher rated opponents, but
from the viewpoint of practical
success it is more useful to be
supremely competent against
weaker opposition. Tony Miles,
Britain’s No 1 for the best pan
of a decade, gained a world
reputation by hs 1 P-K4, P-QR3
win over Karpov but in general
ts at his most effective in defeat-
ing lesser lights.

There is a revealing statistic

about Miles in the information
sheets about individual players
sent out in conjunction with the
annual vote for the chess Oscar.
During 1981 Miles competed in
four highly rated grandmaster
tournaments but won only two
games out of 38 where he met
feUow-CMs. He drew-25, lost 11,
and scored his points from the
masters and untitled players. A
similar pattern continued in his
latest event at Porz where he
demolished the tail-enders but
lost badly to the overall winner
Tab

Several times since 1976 Miles
has looked set to establish him-
self among Che 2600-rated elite
of super-grandmasters. His in-
ability to score consistently
against tbe very best seems ihe
principal factor which has kept
him slightly below the world
top. Now there is a basic change
in. his position following his
controversial decision to with-
draw from the current world
individual championship series.
His main argument was that
even if he won througb to the
candidates matches he would be
at too great a disadvantage
against the Russian logistic
back-up of seconds and trainers.

John Nunn, Miles's major
British rival, chose another
course and his steady advance
culminating in his victory at
■ Wijk has put Mm ahead of
Miles in the world rankings. If

Nunn qualifies for the world
title interzouals he could be a
serious contender for a place in
the candidates.

Miles has always appreciated
challenges and specific targets:
he fought with concentrated
energy to become the first
British junior world champion
and grandmaster. More than
most players, he dislikes being
"only” second. Ir could be that
the rise of Nunn will provide
the stimulus to finally establish
himself as a 2600+ GM; we
shall find out in April wben he
takes on Karpov, Spassky, Nunn
and the rest of the elite in the
Phillips and Drew Kings. .

Miles's technique against
lower ranked opponents is
always instructive. Every move
is made to count, and tbe pres-
sure never lets up. An
example from his latest tourna-
ment:

White:

GM Tony Miles (England)
Black:

Dr Paul TrSger (West Germany)
Slav Defence (Porz 1982)

1 P-Q4, P-K3; 2 P-QB4, P-Q4;
3 N-QB3, P-QB3; 4 B-B4, B-Q3?
5 BxB, QxB: 6 P-K4! PxKP?
(Black should keep the game
closed by N-K2); 7 P-B51

Much superior to the routine
7 NxP. Write at once fastens
on the Q6 square weakened by
Black's exchange of bishops. If
now Q-B5; 8 P-KN3, Q-B4; 9

B-N2, N-B3: 10 Q-B2 regains the
pawn with advantage 1 .

7...Q-K2; 8 NxP, N-B3: 9 N-Q6
ch, K-Ql; 10 N-B3, N-Kl: 11
N-B4. P-QN4? {P-QN3 was the
last chance for real resistance):
12 N-R5, Q-B2: 13 Q-Q2, N-Q2;

14 N-K5! NxN: 15 PxN dis ch.
K-K2 (if B-Q2: 16 0-0-0 ); 36 Q-Q6
ch!

Forcing a won endgame, and a
-classical example of an active
white bishop against its black
counterpart hemmed in bi-
pawns.

IB—QxQ: 17 BPxQ ch. K-Q2;

15 R-Bl, P-B3; 19 P-B4, P-N4:
20 P-KN3. NPxP; 21 B-N2!
R-QNI: 22 BxP ch, K-Ql; 23
P-Q7, BxP; 24 R-Ql, Resigns.
White wins a piece and the
game.

POSITION No 411
BUCK (6 men)

Spassky v Korchnoi, Moscow

1955. Ex-world champion Boris
Spassky will be among the
elite field in the Phillips and
Drew Kings at County Hall,
London, on April 15-30, In
this diagram as White (to
move i he is four pawns up with
a pawn poised to promote but
Korchnoi has a dangerous
counter-attack. What should
Spassky play?

PROBLEM No 411

BUCKt 1 nan)

•i’

; v -

F

< •: ■

■ »C- :

.-j,/

- 1 . •■¥

WHITE

2 men)

Black plays and helps White
mate in four moves tby
R. Forster, 1966). The mating
sequence consists of four
black moves and four white
moves. Black moves first and
both sides then co-operate so
that White checkmates on his
fourth move.

Solutions, Page 12

I

Hi

The Kennedy moment

. BY B. A. YOUNG

I couldn't resist listening to
a play called Where Were You
the Night They Shot the Presi-
dent? Myself, I was in - the bar
of the Ritz, with Henry Fairlie
and Siriol Hugh- Jones, with
whom I was to collaborate on a
book. Eighteen-year-old Richard-
Mason, on Radio 4 on Monday,
was in bed with his girl-friend’s
mother. His girl-friend was
having an abortion that went
wrong. His former school-
master was competing with his
girl-friend’s mother for his
affection. His mother was at
home watching the television.

It’s an effective formula, the
Bridge of San Luis Rey formula,
to choose a particular moment
and halt the inarch of time
while you see what an assort-
ment of people were doing.
Martyn Read has made sure in
his play that there was plenty
of simultaneous action going on.,
Richard, nicely played by
Dominic Guard, is a believable
boy, well aware that "Major’'
Breeze (who must have met
Captain Grimes at some time) is
less concerned with his career
than with himself. Judith, 25
years his senior, takes him over
when her daughter Angie goes
to art school in London, already
the victim of Richard's caddish
friend Taylor. Judith, Annette
Crosbie in good form, may have
been immoral, but at least she
gave Richard a good time until
the jealous Major interfered.

Five minutes after the play
ended, T knew that it w’as all a
dramatic Meccano set rather
than a slice of life; but a play
that holds -the attention for 90
minutes has virtues not to be
sneered at. David Spenser
directed.

Five minutes before the play
began. 1 heard another reaction
to Kennedy's death, “Sad day.
in Texas," a blues song played
and sung by Otis Spann: and
before that, another blues called
“ Tell me why you liked
Roosevelt," sang by Otis Jack-
son. These remarkable records
were in the seventh of Francis
Smith's series of eight pro-
grammes on Aspects of the
Blues, which I wrote about a
week or so ago. This pro-
gramme was labelled “ People."
and dealt not only with well-
known figures but with em-
ployers or friends. Each week
makes this series more interest-
ing; but there won't be a pro-
gramme on Monday, not until
Monday week.

"Dead men live on lips of
living men.'’ Samuel Butler said.
Beyond the Threshold, Radio

4’s programme last Saturday,
told of the foundation and
progress of the Society for
Psychical Research, which since
1882 has been trying, among
other things, to find out whether
dead men may communicate
•with living men.

The Society is such an
eminently serious and respect-
able organisation that June
Knox-Mawer could not give her
account of it any of the creepy
qualities the programme’s title
may suggest Most of the
people concerned have been
dons or. other intellectuals;
their purpose (as expressed in
the Journal of the Society) is
” to examine without prejudice
or prepossessibn and in a
scientific ’spirit those faculties
of man, real or supposed, which
appear to be inexplicable on
any generally recognised hypo-
thesis and the programme
was a serious as that

All the same, we heard some
eerie stories from the Society*?
history, such as the “ cross-
correspondences " in which
various people began automatic
writing in which, though they
were not in conmumication,
they made references to identi-
cal matters. As Brian Inglis
said, some thing s that were
once thought to be extraordi-
nary are now not uncommon —
raetal-bendrng i la Uri Geller,
for instance. (I have sat at a
luncheon-table where Uri Geller
was of the company and watched
a silver. fork bend by itself.)
The most curious story we were
told was of Philip the “ thought-
form." Philip was a deliberately
invented fiction, an imaginary
historical character. At a
seance that his inventors
attended, Philip, was able to
answer questions put to him by
the usual “rapping” process,
though every precaution was
taken to avoid the possibility of
deception.

If it could be done without
offending sensitive people, it
seems to me tbat radio is the
ideal medium for the investiga-
tion of pSP. Even for the
simple experiments like guess-
ing the designs on cards, there
could be no surer way of pre-
venting the- guesser from cheat-
ing than to have him hundreds
of miles away with no commu-
nication but a radio set
Whether the world is any
better off for containing people
who can guess the designs on
hidden cards is another matter,
but it does come into the terms
of the SPR’s purpose.

Scottish theatre is entering an adventurous period. Michael Coveney
reports on a recent visit

The art of Glasgow town

Brixton rock

England only pays any
attention to the Scottish theatre
at Edinburgh Festival time.
London critics always head -for
the Traverse Theatre Club in
Edinburgh to pick, up the buzz
on the fringe and any new Scot-
tish plays that might be worth
a line or two. Some of these
then drift south during the
winter months, and close
encounters with such vibrant
touring companies as 7:84, Wild-
cat or Borderline are filed for
future, often passing, reference.

To visit the Scottish theatre
out of season, as it were, how-
ever. is a bracing experience
these days. There is an unmis-
takeable mood of adventure and
optimism in the air. And the
winds Of change are blowing
most forcefully not in Edin-
burgh (where the Traverse has
been closed, due to financial
problems, since last year’s
Festival, and the Edinburgh
Lyceum’s bill of fare is indis-
tinguishable from many an
English repertory house) but in
Glasgow.

The Citizens' remain a con-
stant, exciting factor in Glasgow
theatre. An important Genet
retrospective is successfully
under. way. The Balcony, to be
followed by the other two large
canvas plays, The Blochs and
The Screens. Simultaneously,
the 7:84 (Scotland) Company
under the direction of John'
McGrath has launched a season
of working class drama dating
from the heyday of Glasgow
Unity in the Mitchell Theatre.
And the Glasgow Theatre Club,
formed in 1978, is producing
new Scottish plays and cabaret
in the Tron cafe while the body
of the old 1793 Tron Kirk is
transformed into a 200-seater
theatre due to open in Septem-
ber or October of this year.

The Tron Kirk has a magni-
ficent Robert Adam domed
ceiling that has been repaired
and replastered. The walls are
to be left -peeling rather like
those of Peter Brook’s Bouffes
du Nord in' Paris and the
majority of the work, much of
it undertaken by volunteers, is
concentrated on the installation
of heating and electricity. The
Trongate area of Glasgow,
thanks to the enlightened dis-
trict council, is undergoing a
substantial renovation. The old
mercantile atmosphere is now
replaced by a son of new Covent
Garden operation, with restau-
rants and wine bars opening up
to accommodate the influx of

the theatrical and artisan
community.

For some years, the Glasgow
Citizens’, has been severely
criticised in some quarters for
not' putting on new Scottish
plays. The Tron sets out to fill
this gap. The total cost of the
renovation will be £im, of which
nearly £30,000 has so far been
raised on appeal. Income from
the Strathclyde Regional Coun-
cil. the Glasgow District Council
and the Arts Council has already
met half of this overall cost
and there are no signs of sup-
port flagging.

' Last week I saw a lunch time
performance in the Tron cafe
of Tom Kinnimonfs Second
Thoughts, a sprightly. Inno-
cuous piece about three single
people trying to pick each
other up in a bar. The long
bar is severely supervised by
a huge statue of Robert Burns
that once decorated the
Citizens’. The audience sits at
tables, eating and drinking.

The Scottish Society of Play-
wrights (whose attacks on the
Citizens’ have been so sustained
and ungratefully, shortsighted)
will no doubt inundate the
Tron with new projects. And
the authors will no doubt be
keeping a beady eye on the
7:84 season at the Mitchell. T
saw an old-fashioned football
play. Gold in his Boots (1947)
by George Munro in which the
hero's success on the field was
philosophically undermined by
Calvinism at home, managerial
exploitation and wheeler-deal-
ing, and the cynical observa-
tions of a sports journalist who
has seen it all-.

The plot takes some unwieldy
twists and turns and, despite
the .odd felicity of social and .
linguistic observation *;' l .don't
honestly feel that: the '" new
Scottish writers have an. awful
lot .to - - learn from . John
McGrath's production.*' '4*

But the bond with Glasgow
Unity must be honoured if
McGrath wants to prove his
thesis that there is more to the
history of Scottish drama than
James Bridie. Naturalistic, -
socially conscious drama was .
given a boost some eight years
ago by Bill Biyden's company' '
at . the Edinburgh Lyceum. .
Those were the days of ambition ;
for a Scottish National Theatre.
The official view noW — and one
shared by everyone in the 1
theatre and the Scottish Arts
Council (who have £1.9m to dis-

Th* Tron Kirk, a home for new Scottish plays

pense in 19824)3, an increase of
8.7. per cent) — is that the Scot-
tish National Theatre should be
manifest in the variety of work
on offer, whether it be on tour,,
in Perth, at the Pitlochry
Festival Theatre, the Citizens’
or the Tron.

The- Scottish Arts Council has
a new drama director. Bob Pal-
mer. who is viewed without sus-
picion by everyone I talked to.
The feeling of fraternity among
the theatre community is some-
thing England can only envy-
even the latest enterprise, the
Scottish Theatre Company
formed under the artistic direc-
torship of Ewan Hooper to tour
with solid middlebrow work (a
sort of Celtic Prospect), is
politely discussed.

There is another sort of fra-
ternity.- too. Both 7:84 and Scot-
tish Opera maintain close con-
tact with the Scottish TUC.
John McGrath, thinks nothing of

dialling the number of. James
Milne, the general secretary,
from time to time. When did
7:84 (England) last have a chat
with Len Murray?

Part of the purpose of the
7:84 season is to establish, how-
ever flimsily, a sense of tra-
dition. to assert that there is
a history of working ' glass
theatre of which the contem-
porary writers should be proud.
Last year the Scottish Arts
Council set up a Scottish
Theatre Archive and its resi-
dent researcher, Linda Madsen-
ney, . is collecting ' scripts first
performed by * the Scottish
National Players and Glasgow
Unity and storing them safely.
Memorabilia, photographs, cut-
tings and costumes - are also
being rounded up. The Scot-
tish theatre would appear to be
on the crest of a new wave,
and confidence in the past is
seen to be a crucial factor.

BY LISA WOOD

Take the underground to,
Brixton, cross over the road by
the nearby police station and
arrive at London's newest and
potentially most exciting rock
venue.

For the half domed Astoria
Cinema, a ■ disused building,
boarded up for years by its
owners. Rank Leisure Services;
has received a large injection
of capital to- metamorpMse - as
the Fair Deal, with a capacity
of 5,000, fUll catering faculties.
an in-house video recording com-
pany and a sound recording
studio. Offering a middle-site
between the vast Wembley
Arena and regular rock venues
such as the Hammersmith
Odeon. the venture has taken
five years to get off the ground.

Rather un subtly named — 1 -
the intention being that tickets
will not normally cost more than
£5 — The Fair Deal is the
dream of Alan Briggs, a rock
promoter from Scotland. His
partner in the enterprise is
George Denham, a building con-
tractor who is responsible for
the front of house business
which will indude . a public
house in the vast entrance area.

But why Brixton? Ms Lois
Grass of "Briggs Gigs, the bold-
ine company, said: “ A purpose-
built venue was here which
could accommodate all the
activities." The cinema, for in-
stance, was wired for talkies and
has a full-sized stage and chang-
ing rooms as it was also in-
tended for stage productions.
“Alan Briggs also had sympathy
with the area," said Lois Grass.
South London generally offers
substantial potential for this
kind of investment while for
Brixton' the venue could hriug
Londoners hade into the area
and have a skim off for local
traders.

Promoters have . not yet
jumped at the opportunities:

“ They believe -people won't
come to Brixton,” said Ms
Grass. “But again some people,
blamed the closure of The Rain-

bow, In North London, on ;
people not wanting to travel
late at night"

Interest is being shown* ;
albeit cautiously, as pro-
moters adopt a wait and see -
attitude, one. which must be
inevitable given the rtale of the \
enterprise. A three-day invita-
tion -only preview last weekend -
brought about because the -
venue has not yet got a fuR h
licence, attracted a -capacity »
audience on Saturday, night Two * -
well known bands. UB40 and
the- Jam will perform In March:
when the venue is officially
opened.

Sensible of local feeling os , !
-policing methods. Fair Deal has - '
paid very visible attention to - '
security, both on the doors and '
inside the venue.

“ It is being established - In 1
the nicest possible way that wa
don't want drugs or pickpocket- . -
ing” said Ms Grass. “'We want
to see the police xnd they * .
came to see us.” Last- Saturday f
night the only overt police pro. •-
settee was the local beat officer.
More than 80 per cent of than
venue's security force 8*4
black; there is also a strong .v
intention to offer as many
possible of the 200 jobs created?-
to local people. . t .

Tbe most stunning feature Of V
the enterprise .is perhaps the’ -
venue itself. Built in Z990.lt -
was designed by Edward. Stone
in tbe so-called atmosphere
style. An Italian garden land-
scape, resplendent with a three t
dimensional villa envelops fit* '
stage and swirls around to the -
balcony: Greek Corinthian

columns rub shoulders with
statues, that could be mistaken ’•
for either classical Greek or - -
Roman. . while Cypress trees x
reach up to the celling. The ,
only, ingredient lacking is '■
stars. - . *

Boarded up for years* It,
would be cheering to believe i.
that this new enterprise xould ■
do much to bring bade com- ! r
merdal confidence to an area «
very much in need of it. . - , '

The Kirov in Paris

The Leningrad -State Kirov
Ballet is scheduled to play an
extended season in Paris, at the
Palais des Congrfcs (Porte
Maillot) from April 17 to June
13 inclusive. Evening perform-
ances are at &30 pm. Sunday
performances only at 3.30 pm.
No performances on Monday.

The repertory includes Swan
Lake, which . receives the
greatest number of perform-
ances; Giselle; La Sylphide
(Bourn on ville, in 1 staging by
Elsa Marianne von Rosen); Le

Tttvixor (The Government
Inspector), a. new full-length
ballet by Oleg Vinogradov,
director of the company, with a
score by Alexander Chaikovsky,
and a divertissement programme
comprising The Shades scene
from La Bayadere, the Grand
Pas from Paquita and a selec-
tion of pas de deux by. Maurice
Bejart, Dmitri Briantsev, Leonid
Lebedyev, and Oleg Vinogradov.

The orchestra of the Kirov
Theatre will accompany the
ballet.

F.T. CROSSWORD PUZZLE No. 4,803

T\/Radio

A prize of £10 will be given to each of the senders of the first B I*

three correct solutions opened Solutions must be received by ••■■■■•■■■■■■■I
next Thursday, marked Crossword, in the top left-hand comer of . ku . k

the envelope, and addressed to the Financial Times, 10. Cannon Indlttles ,n bUck

Street. London, EC-iP 4BY. Winners and solution Trill be given
next Saturday. BBC 1

* 6.25-8.35 am Open University

■ (uhf only). 9.05 Swim. 930 Swap

Shop. T2.12 pm Weather.

... 12J5 Grandstand including t2S5

Address : News Summary; Football

• ' Focus (1230); Racing from
Chepstow (12.40. 1.05, 135);

I Boxing (1-25) British Ligbt-

Welterweight Title; Rugby

■ Union (1.55 ^France ^ v

football ^ scores; 4.40 Final
Score. ^ ^ ^ ^

5J50 News.

5.45 The Dukes of Hazzard.
7.10 Nanny starring Wendy
8.05 The Les Dawson Show.

10.40 Parkinson with his guests

and Christopher Timothy.
11.40 Golden Soak by Hammond
lanes.

details^ as BBCl^except Rugby:

scene. 12-30 am News *and
Weather for Scotland.

ACROSS 3 Nightmarish note around Northern Ireland — 12.15-

1 Oilmen's finishing-school? count 3 r 4.55 pm Grandstand: details as

(8) 4 Butter-paper storni... (7) BBC 1 except Rugby: Ireland v

•■ws rourse taken by 6 z£sssUm > sWxJssssJsssi

10 First capital gains tax, of 7 Swordsman leaving a 5 mark? ^°-^ t J° r rtberT1 IreIaDd News
course (5) (5)

11 Eddy's big brother first 8 Beryl, perhaps, seen in digi- SnoUfeht

reported off Norway ,9, sSfl All o££ B&tah

12 Stan backing bank in tea- 9 Medical answer? (6) Sport /Re gional News.

ACROSS

1 Oilmen's finishing-school?
(81

5 Irregular course taken by
ewe? (6)

10 First capital gains tax, of
course (5)

11 Eddy's big brother first
reported off Norway (9)

12 Stan backing bank in tea-
break (9)

13 Raise cry of disapprobation
on street (5)

14 See one nin with legs in
movement 16)

15 Farm overseer — Dick? (7)

18 Variegated carpets like some

concrete (7)

20 Fair draw in voting trends
(6>

22 Indispensably dense form
(5)

24 Utmost respect for a party
allowance (9)

25 Brought up carefully, but ate
commonly with spoon-bender
inside (8)

26 Trojan hippy? (5)

27 T- Tucker's tucker? (6)

28 Sad organ arrangement of
Spanish composer (S)

DOWN

1 Motive-power of determining
truth (6)

2 Reproduction of mice fails,
if mixed l9)

3 Nightmarish note around
the county (15)

4 Butter-paper storni. ..(7)

6 ...turning to rabid unions in
rebelliousness (15)

7 Swordsman leaving a 5 mark?
(5)

8 Beryl, perhaps, seen in digi-
tal display (8)

9 Medical answer? (6)

16 Highly praised when seen
under glass (9)

17 Opportunities for doormen?
( 8 )

19 Has try converted but it is
not worth much (6)

20 Temperature dropping on
Sunday— but still -a roaster!
(7)

21 No big drives in southern
prisons (6)

23 Fit of pique (5)

Solution to Puzzle No. 4.802

look at the dangers of
asbestos poisoning at
work. >

7.10. News and Sport

7.25 Did You See . . ?

8.05 La Boheme from lie
Royal Opera House,
Covent Garden.

10.10 Film International:
** Passe Ton Bac D’ahord."
(French film with English
subtitles).

1L30 News <ra 2.

11,40 The Light of Experience.

+1L55-U5 am Midnight 'Movie: -
-"The Frightened^ City"
starring Herbert Lom and
; Sean Connery, - •

LONDON

8.35 am Sesame Street. 9.35

Space 1999. 10.30 Tiswas.

12.15 pm World of Sport; 1220
On the Ball; 12.45 Athletics
from California; 1.00 High
Diving from California: 1.15
News; 1.20 The I TV Six from
Newcastle and Nottingham;

3.00 Table Tennis— Norwich
Union English Closed Cham-
pionships; 3.45 Half-time
Soccer news and reports;

4.00 Wrestling; 4.50 Results.

5.05 News

5.15 Happy Days

5.45 Dick Turpin

6.15 Mind Your Language

6.45 3-2-1 presented by Ted
Rogers

745 Hart to Hart starring
Robert Wagner and
Stefande Powers.

8.45 News

9.00 "Lady of the House,”
starring Dyan Cannon

10.50 OTT

1L50 London News Headlines
followed by Johnny
Carson’s Tonight Show.

12.30 am Close: Sit Up and
. Listen with Elisabeth
Lutyens.

All IBA Regions as London

except at the f oilowfng times:—

Reflections. 11.55 Curling. (

GRANADA

9.20 am Spidarman..- 9.40 Thunder-
birds. 5.15 pm Cartoon. 6-20 Chips.
7.45 Magnum. 11.50 Manmx- 12.45 am
The Living Legends of the Blues, with
B. B. King.

HTV

3.10 am The Adventures of Black
Beauty. 9.3G Thunderbirde. 12.13. pm
HTV News. 5.14 HTV News. 5.15 Mr
Merlin. 7.45 Magnum. 9.00 "The
Virgin Sofdlera," starring Lynn Red-
grave, Hywal Bennett.' Niger Davenport
and Nigel Patrick. 1130 Mannix.

HTV CYMRU/ WA LES— As HTV WEST
except; 9.10-8.35 am The Book Tgwer.
S. 15-5.45 pm Sion a Sian. ^

SCOTTISH

9J5 am Vicky tha Viking. • 9.40
Thundarbirds. 5.16 pm Mr Merlin. 11.50
lata Cali. 11.55* Curling — Lang's
Supreme Curting Championship.

TSW

9.10 am Whaenas and the Chopper
Bunch. 930 The Saturday Show. 1030
The Incredible Hulk. .11.29 Survival. -
11.46 University Challenge. 12.12 pm
TSW Hegionel News. 5.15 Mork and
Mindy. 530 Newsport. 735 The Fail
Guy. 1130 Video Sounds (Judie
Tzuke). ' 12.20 am Postscript. 1235
South Wait Weather.

TVS

9.00 -am Saturday brief. 935 Sesame .
Street. 1030 Here's Boomer. 1030 No.
73. 5.16 pm TVS News. 6.29 Mr Merlin.
7.45 Magnum. 11.60 Barney Miller.
12.20 am Company.

TYNE TEES

9.00 am Cartoon Tuns. 9.10 Sport
Billy. 9 AO Thunderbirde. 12.13 pm*
North Heat News. 5.17 Mr Merlin. 7.4S
Magnum. 1130 Houae Calls.. 12.20 am
Three's Company.

ULSTER

1030 am Stingray. 1.18 pm Lunch,
time News. 5.00 Sports Results. 5.13 '
Ulster News. 5.15 Mr Marlin. 7.45
Magnum. 8.69 Ulster Weather. 10.90
The Monte Carlo Show. 11.40 News e*
Bedtime.

YORKSHIRE

9.00 am Cartoon -Tima. 19.05 The
Saturday Morning - Picture Show:
"Trouble in Store.” 5.15 pm. Mr
Merlin. 7.45 Magnum, 11.60 That's
Hollywood.

ANGLIA

93Q am Saaame Street. 1030 Sport
Billy- 5.15 pm Mr Marlin. 7.45 Maginim.
11.50 Tha Amazing Years of Cinema.
12.20 am At the End of the Day.

BORDER

9.3S am Thundarbirds. 5.15 Mr
MorJin. 7.45 Magnum. 10.59 The Show
Stoppers.

BBC 2

6.25 am-3.10 pm Open Univer-
sity.

1-3.15 pm Saturday Cinema
Double Bill: • “ My For-
bidden Past," starring
Robert Mitchum. Ays.
Gardner.

t4-20 “The Lady Pays Off."
starring Linda Darnell.

5.40 The Flight of the Condor.

6.35 Fit ... As A Fiddle?: A

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anoHEBoH cheque!

SOLUTION AND WINNERS
OF PUZZLE No. 4,797

Mr K. G. Quicke.

3015 Wennigseo, Bierweg 2,

W. Germany.

J. S. "Barber.

9, Tine Road, Oakham,

Rutland, Leics. LEE 6SJ.

Mrs M. Smith.

39, Station Road. Thorney,
Peterborough. PE6 OQJE •

CENTRAL

9.06 am Paint Along With Nancy.
930 Saaama Street. 5.15 ptn Mr Marlin.
7.45 Magnum. 9.Q0 Saturday Cinema:
” The Virgin Soldiers." atarnng Hywel
Bennett end Lynn Bedgrave. 1130 Lois
at Luv. .

CHANNEL

5.1S pm Mark and Mindy. 5^40
Puffin's Pla(i}ce. 7.45 The Fall Guy.
1130 Video Sounds.

GRAMPIAN

9.00 am Sesame Street.' 1030-dee 90.-
5.15 pm Mr Merlin. 735 Magnum. 1130

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RADIO 1

(S) Stereophonic broadcast
$ Medium Wave onfv -
5.00 am Aa Radio 2. 7.00 Playground.

6.00 Tony Blackburn with .Junior

Choice 10.00 Peter Powell. - 12.00
My Top 20. 1.00 pm Adrian Jusia (S).
230 A King in Naw York (S). 2.05

Paul Gambaccim IS). 4.00 Wallers'
Weekly (S). 5.00 Rock Ori (S). 6.30-
730 In Concert (S).

. RADIO 2

5.00 am' News. b.u3 Kater Marshall
with Tha Saturday Early Show (S),
8.02 Racing .Bullaun. 8.04 David Jacobs
(Sj. 1030 Star Choice (S). 11.02

Sports Desk. 11.03 Tha Kenny Everett
Radio Times Spectacular (S). 130 pm
Know Your Place. 130 Sp6r( on 2:
Rugby. France v England, Scotland v
Ireland; Football; second half com-
mentary on a top League game; news
of Others.' Cricket: Sri Lanka v England.

5.00 Sports Report; 5.45 Classified Rac-
ing and Football Results. 830 Country'
.Greets in Concert (Sj. 730 Seat -the
Record. 730 Biff Bend Special (S).
830 Saturday Ntgbt-ie Gelp.NIgbt:.
“An Evening In Vienna,” (S)- InefuiL
ing 8.50*9.10 Interval, talk, by Peter.
Clayton.- 10.00 A CtAtury . of Music
(S). 1132 Sport* Desk. 11.10 Pete'
Murray's Lata Show (S). 2,00-5.00 am-
You and tba Night end tha Music (S).

RADIO 3

735 am Weather. 8,00 News. 8.06
Aubade fS). 9,00 News. 9.05 Record
Review (S). 10.15 Stereo Release. (S).
11.15 Bandstand fS). 11,46. 1 Know
What I Like (S). 1.00 pm Tfaws. 136
Early Music Forum (Sj. 230 Play It
Again ($). 530 Jau Record Reausats
(S). 5.45 Critics* Forem. 635 French
Songa {SJ- 730 BBC Symphony
Orehaatra in Leeds (part 1); Mozart
(SJ. 73 Greert Sky Over- White' Bend;
'8.15 BBC Symphony Orchestra [parr3}:

Bruckner (S). 9.45 Letter From New
York. 10.05 Music tor Cello (S). 11.00
News- 11.05-11.15 Things Lived . end
Dreamed (S).

MEDIUM WAVE ea abova except as
i follows: 7.20-1135 am Cricket: Teet
Match Special. Sri Lenka v England.. .

RADIO 4

6.25 am Shipping Forecast. 6.30
News. 6.32 Farming. Today. 630 Youra
Faithfully- 8.J6 Weather, programme
news. 730 News. 7.10 Today's Paoara.

. 7.15 On Your Farm. 735 Youra Faith-
fully. 730 U's A Bargain. 7.55 Weather,
programme news. 8.00 Newt. 8.10 To-
day's Papers. .8.15 Sport on 4. 8:60
Yesterday in Parliament. 9.00 News.
835 Breakaway. 930 News Stand. 10.05
The Week to Westminster. 1030 Daily
Service IS). ia« Pick of the -Week
(S).' 1135 From Our Own Correepon
* dent. 12-00 News. 1232 pm Money
Box. 1237 Just a Minute (S). 1236
Wnathor. programme news. 1.00 News.
1.10 Any Ouestfona? 1.55 Shipping
Forecast. 2-00 News. 236 Thirty Minute
Theatre (S). Z35 Medicine Now. 3-06
. Wildlife. 330 Tha British Seafarer. (S).
<■16 . F eedback .with ' Tom Vernon. 430
Does Ha. Take Sugar: 5.00 Novels Up
To Now. 535 Week Ending (S). 6.60
Shipping Forecast- 535 Weather, pro-
gramme news: 6.00 News. 6.15 Desert
Island Discs. Castaway: Petula Clark
(S). 635 Stop tha Week with Robart
Robinson. 7.36 Baker’s. Dozen (S). 830
Saturday Night Theatre {S). 9.68

Weather. 10.00 News. -.10.15 Witch-hunt
in St. Oavth. 11.00 Lighten Our Dark-
ness. 11.15 A Word to Edqeways. 11.45
On the Train to New Zealand-' 1230
News. ... -

BBC RADIO LONDON

5.00 am As Redlo 2. 7.32 Good Fish-
ing. 8.00 News. Weather, Travel. 8.06
Weekend Whet's On, 830 Travel

. Round-up. B33 Westirnnstar at Work.
9.03 On the Ratos. 930 Openings.
1032 All That Jazz. 1130 The Robbie
Vjnceot Show. 232 pm Breakthrough.
330 The Greet Composer®. 6.00 Guide-
line. 530 Quesr. 630-6.00 am Join
Radio 2. i

LONDON
BROADCASTING .

7.00 am AM with Jenny. Lacy and
Magnus Carter. 1030 Jellybona with
Tommy Boy d. 12.00 LBC Reports with
Greg Strange. 130 pm Sport swatch
with Dominic Allan! 6.00 LBC Reports
with Greg Strange. 7.00 Geet Mala. 8.00
Network. 9.00 LBC Special. 1030 Night-
line with Theresa Birch. 1.00 am Night
Extra with Steve Allen. 430 Kayes on
Sunday. 430 Decision Makers. 5.00
Morning Music.

CAPITAL RADIO

730 am Graham Oerie’e Breakfast
Show. 9.00 Countdown with Peter
Young ; 12.00 Dave Ceeh'e Cash
Country. 2.00 pm Duncen Johnson's
Afternoon Delight. 630 Greg Edward's
Soul Spectrum. 8.00 Juke Box Saturday
Night. 930 Capitat Rs-Cap with David
Castcll. 10.00 Roots Rockers with David
Rodigan, 12.00 ' Midnight Special— Phil
Allen.

TV Ratings

w/e Feb. 14

U.S. TOP TEN (Nielson ratings)

1 ABC Monday' Night Movie

- (movie) (ABC) 303

2 Dafias (drome) (CBS) 27,5

3 Tfuee’s Company (comedy)

(ABC) 2S3

4 60 Minutes' (news) — .. (CBS) 24.5

5 Top dost For Comfort

(comedy) (ABC) 24.3

6 Hart To Her* (drame) ... (ABC) 24,0
6 Dukes Of Haaard (comedy)

(CBS) 243

8 Magnum P I (drama) ... (CBS) 23.4

9 Real People (comedy} (NBC) 23.3
10 Olivia Newtpn John .special

(music) (CBS) 21.8

CHESS SOLUTIONS
Solution to Position No til
1 Q-R2! 2nd Black resigned.
Not l PxR?? QxP cb nor 1
P-K8=Q?? RxP Ch when Black
Wins. ...

Solution to Problem No 411.

1 K-N5 Q-KR2 2 K-B6 K-N2
3 K-Q7 K-B3 eh 4 KKB Q-K2
mate. -

Financial Times Saturday February 20 l 1982_

13

COLLECTING

SPORT

Tx&i

class

; ; ; : -

YT&hE? ■ '/* .. • .i : •■.“•.

. * >»*.:, v' .\a.' ;

. PC , ;

BY JUNE FIELD

I OPPORTUNITIES TO furnish
! a bouse with good quality period
i furniture of what the trade calls
! tbe middle range, have never ■
; been so good. Simple haste
pieces decorative or useful, or
1 both, produced by lesser known
[makers, which do not cost any
morel and are often less, than
their modem counterparts, are
widely available around the
country- in antique shops, mar-
kets and auctions.

While it is obviously sensible
to buy tbe best quality items, -
the dictates of one’s pockets
have to be ■ observed too.
Although it may mean higher
] returns when you. come to sell,
as Victor Chinneiy,. author of
Oak Furniture — The British
Tradition published by the
Antique Collectors' Club,
recorded in. a recent club jour-
nal: “Profit making is the
dealers' trade; but for the col-
lector there are other - riches.
His are the aesthetic and
spiritual pleasures of choosing
and living with fine and beauti-
ful objects. If be sees a profit
when he latex decides to sell
something, then that is his
bonus.”

The important thing, as -Mr
Cbirmery went on to explain,
is to take the trouble to learn
a subject well, buy with some
measure of gooff judgment and
seek a reputable opinion where
needed.

Those collecting the better
quality 19th -century Continental
furniture should consider their
investment as long term, insists
Christopher Payne, bead of the
furniture department ' and a.
director of Sotheby’s Belgravia;
“ Five years is tbe minimum
advisable turn-around, but 10
years is a more realistic period."
Mr Payne, also the author of the
Price Guide to 19th-Century
European Furniture published
recently by the Antique Collec-
tors' Club, recommends'looking
out for small useful items such
as tables de chevet (specially
for the bedside, a marquetry
version cl8S0 with three small
drawers sold last year at [Bel-
gravia for £520), and gueridon
tables (small round tables) '
which now realise anything
from £300 to £700. :

In the Georgian mahogany
market there are bargains
among the bigger pieces'. Late
Georgian chests of drawers with
straight fronts and , over 36
inches wide, can still be bought
for between £75 and £150. ■
although bow fronts often com-
mand nearer £300; while re-
cently at a dealer in the north
1 saw an elegant George HI
demilune mahogany sideboard
with tambour front and fine
inlay, maximum, width ‘ 69
inches, for £1,100. - If you only
have £1,000 to invest overall.
Adrian Frazer : of Christie’s
South Kensington observes that
he would buy a -good clothes
press for about £200 to £250,
a bowfront chest for £150 to
£200, a toilet mirror for £50 to
£100, and with what was left,
“ the best bureau I could find."

One irritating habit o£ .the
antique dealer’s trade that is
only gradually losing its hold
is the long-standing tradition of
not openly disclosing what an
object costs.

D. Kevin Smith, chairman of
Windsor House Antiques at
Leeds, who produce an excel-

The salmon that
made 72 tins

.s’

■■ aalaIj-

Edwardian oak roll top desk, £400, and Victorian' cane seat swivel
chair, £12p,- featured in Phelps folder of ; Victorian and Edwardian
furniture, Twickenham, Middlesex.

lent illustrated catalogue with
everything priced, admits that
this is still -fairl y unusual . in the
trade: “But in deciding to do
that, we are simply stating that
we ftre not ashamed to publish
figures which we consider are
strictly commensurate with, the
period, quality and condition of
the articles we are offering.

“ For the last 20 years
Windsor ' House has been
primarily . ; concerned with
supplying' the UK and overseas
trade. : Thp. idea behind the
promotion .is' basically to extend
our. ' market '■ more into the
private sector, as well as to
show home and overseas dealers
some : idea of our extensive
stock,'

drawers -that bind can be eased
with caddie or beeswax to sides
andrinxiers.

! Subscription. Antique Collec-
’tors* - -Club which includes
monthly journal, £8.95, overseas
£10 (air mail £28), to John
Steele. -5. .Church Street, Wood-,
bridge, Suffolk, who will also
send details of their publica-
tions../ Free catalogues; D. K.
Smith, . . Windsor .. House
Antiques, 18-20, Benson Street,
Leeds; M. C. Collins, Collins
Antiques, Wheathampstead,
Hertfordshire; . -Peter Farrow, .
Phelps,' 129-135, St Margaret’s
Road, . East .Twickenham.
Middlesex : lasts of dealer
members for stamped addressed
envelope from British Antique

The catalogue coverejve^- SSSrf ASodatSn < BABA) ,

thing from period “partners
desks (from about £1,350), to
Victorian . Wellington chest?
(the seven drawers useful for
storage), from £395; both in
demand for office and board-
room, to massive breakfront
bookcases, . docks, candlesticks
and xoffee pots: while of a Chip-
pendale ' ' period . mahogany
bureau at. £2,950, there is an
interesting note to the fact that
although the ■ glazed bookcase
top appears to be original to
the base, the fact that it is not,
makes the piece worth less than
half the price ■ a completely
original bureau-bookcase of tins'
period would be.

•Collins Antiques founded 75
years ago in Wheatbampstead,
Hertfordshire, produce a loose-
leaf folder, of their 17th, 18th
and 19th century furniture and
works • of art. Novel items
currently on offer ■ include a
cane-work cradle, c. ■ 1860
(£225), a ceUarette c. 1780, con-
verted to a work-box (£270),
and a cattle-float made for the
10th Earl of Cavan, £950; _ • *

- Phelps, started in 1870 -in
Broad . .Street, Teddingten.
Middlesex, by James Phelps as
a Complete House Furnisher
and Ironmonger," aid now run
by. John, Robert and David
Phelps. ' issues ' a useful booklet
Antique Furniture Hints on
Care and Collecting, with its
furniture folder.

To preserve the patina of old
furniture it recommends using
a beeswax polish very spar-
ingly, and polishing off in the-
direetkra of the s*ain of the
wood, minimising scratches by
rubbing over with a dark stain
wax, or a brazil, nut kernel, and
drawing out heat rings and
water marks with a soft doth
lubricated with linseed oil to
gain heat friction. Leather.can
be cleaned by wiping over with
a cloth wrung out in warm
glycerine soap solution followed
by a proprietary hide ' food;

20, Rutland Gate, London SW7.
and ‘ London and Provincial
Antique Dealers’ Association
(LAPADA), 112. Brompton
Road, London SW3.

FISHING

JOHN CHHUUNGTON

AT A rather sombre gathering
a few years ago I was shown a
photo of ah enormous salmon,
taken in British Columbia which
seemed to be' as tall as tbe lady
holding It, “ What a marvellous
fish” I said “did you have it
smoked? ” 'The reply was: “ No,
it made 72 tins, the best ever
result-” .

This utilitarian attitude to the
noblest fish in British, .waters
took my breath away. . There
are hundreds of ways of con-
suming a salmon. But to shut it
in a metal box to secure some-
thing you could buy on any
grocery shelf seemed a poor
sort of result. It reduces fish-
ing to the level of farming In
which results are recorded in
cash terms or in units of pro-
tein.. It 'is . not that I believe
the angler m. this case needed
the - food because of economic
stress.. He; was not even. in the
position in which I found myself
in my young days, when the odd
pheasant ! shot was sold to buy
sausages to ;f eeti my ■ hungry
family. Pheasant might have
given, them ideas. above their
station. . • - - • •

Record' fish are to be
cherished and treated' with the
greatest of respect-. But there
are times when they are essen-
tial to life and failure lo.be
absolutely ruthless- in their
pursuit could lead to destitu-
tion. Negley F arson describes
in his book “Going Fishing”
how when be was broke he
moved to a lake in British

Columbia in the twenties, and
sustained liimSelf with rod, gun
and a. typewriter -until ambition
or some other base motive com-
pelled him -to seek the bright
lights.

The picture he paints of Ufe
on his lake is idyllic. He fished
and shot by fair means or what
a purist would call foul, to feed
his wife and his neighbours. So
much so that had I read it
before I assumed the responsi-
bilities of modern life I aright
have emulated him. >

If s not that I didn’t have my
chance. At . 19 I could have
slipped from the sheep farm I
was working on, in New Zealand
into a bush cabin surrounded by
deer, trout rivers, and with
rabbits to fall back on. But
unlike him I had no wife at the
time prepared to share the
really simple life. And do the
cooking which I disliked.

But Farson managed to have
the best of several worlds. One
of the best known journalists of
his time he combined bis work
with fishing in a way for which
I have the greatest admiration.
His journeys took him all over
Europe. Even carrying a rod
case on horse back in the
Caucasus, and showing the .Com-
munists who swore by the worm
that there was a better way, a
fly.

In Chile he fished a river with
success where I had absolutely
none, and several other rivers
in other parts of . the world it
was the same story.

Not to worry. His enthusiasm
infected me when I first read
the book and it is just as com-
pelling today.

“Going Fishing” by Negley
Farson, Clive Holloway Books,
£9.95.

After the wedding

STAMPS

JAMES MAC KAY

THROUGHOUT 1981 the
“second market”, in stamps was
in the doldrums, with, little
sign of a recovery after the
very considerable fall in value
over the pasr two' years, due to
the continuing recession in
Britain and North' America. As
inflation continued to rise
faster than wage increases and
both interest rates and tax
levels rose inexorably, there
has been less disposable Income
(or collectors to invest in their
hobby. Against tins, however,
is the psychological factor
which impels ^philatelists to
stick with stamp-collecting
come what' may. For this
reason, therefore, the primary
market tends to be as strong
as ever.

During a recent visit to the
leading German stamp dealer,
Borek. of Brunswick, I noted
the staff of the new-issue
department working flat out.
making up batches of the latest
stamps to be mailed to clients.
On inquiring what was the
cause of all the frenzied acti-
vity, I was given the laconic
answer,' “the Royal Wedding,
of course.”

July 29. 1981 seems a long
time ago now, but one would
think it was only yesterday, as
stamps continue to appear in

THEATRES

ROUND HOUSE. 267 2564. Lloyd's Bank
SHAKESPEARE WORKSHOPS. 1 O 13
March Tbe IraKOM. 11.30 am to 3.15
i nlth lunch break i . All Mats f-2 Presen-
ted by tire New Shakespeare Co.

ROUND HOUSE- 267 2564. Foco Novo
Theatre Co. In EDWARD ll by Bertolt
Brecnt. Prcv Toe* 7 JO. Ooens Wed 7.0.

Sua Era* 7 JO,

ROYAL COURT. S CC. 730 1 745. EWW
B.O. Mat Sat 4.0. MOf & Sat Mat al^
seats U. OPERATION BAD APPLE
ay C. f. Newman-

S ADLER'S WELLS THEATRE. EC1. 837
167211673 3BS6 Credit pugs 1t> am to
6 pm 278 08711837 7505. Grp Bookless
379 6067. 24 Hr amrantfy confirmed- nr

300 0200.

NEW OPERA COMPANY- Edward Co*«l£*
fantasy ooera COMMEDIA. Lag Perl
Tout 7.30 pm. Tfcts £2 to SB. Sadl»*«
WttU Royal Ballet. 23 Fco to. 6 M«h.

SCVEVa SSS MESA

AlTpL^ V FREE n M arking after 6J0 PIP.

SAVOY. CC. 01-836 8888. For Credit

card boolclnos rtnfl 93D 073114 !'{'«'■

9J0-6J0. •egttf+lb "SHg:

HhtMi filler HOUSE QUEST.

Mat Thurs 3.00. Sat 6.00 and BAS.
SIMON WAR I

CLIFFORD Rt

OVER 5 SOO H perf6rmamces.

SHAFTESBURY. S. CC. SbMegny
WCJ. Tel. Bok Office .836 6SB8-,

Arc.

Wt 2nd

MARTIN

Year Ne{1 Simon’s Hit Musical MARTIN
SHAW. SHEILA BRAND. THEY'RE
PLAYING OUR SONG. OAFS £* _<Wcd

mat mM. .Students 3?

Era B.D." Mat
Wed a'.a." siii~5.b * ,.8.30. Credit card
bkM 330 0731 14 IlneSI. 1150-7
Sat! 9.00-4 Jo. Red group bkgs 01-839
3082,

ST. MARTIN'S. CC 836 1443. Extra 8.00.
Tuea. . 2.45. Satwtlays s.oo end auio.
Anaida JChrtjtle'i THE MOUSETRAP.
World's longe&t-eeer run. 30th Year.
SORRY. No reduced prices from any
source but aea'a laoofcabre from £2. SO.

STRAND. NO SEX PLEASE WE’RE
BRITISH HAS MOVED TO THE GARRICK
THEATRE. • ,

STRAND THEATRE. CC- 01-836 2660.

TALK OF THE TOWN. CC 01-734 50S1.
For reservations— or on entry— ponton-;
orealMt .nh ^ht^ ut. S_HauR5

OF THE TOWN ,
ffl-30 pm). MS
Dinner. Dancing. 3 bands.

TT MONRO (11 pip).

VAUDEVILLE. CC, 01-036 £988. Ej*£
CHRIStl?"

CARDS ON THE TABLE. ... l-

VlCTQRIA PALACE. CC. 01-828 4735-6.

Telcdata 01-200 0200 C2 4 hours*. - LAST
TWO DAYS.

Opens

.. . rvlews
AYLOR fn

VICTORIA PALACE THEAi™

KS55 V-irfeefTfaYLOEP,

. accepted- Group s

sales 37B 6061.

Next* port ShE%& V .^ TRA
Feb.

FINANCIAL TIMES

..PUBLISHED IN LONDON & FWUKFURT
ItaoeW Tta (tawd

<16193. TUcpboM 7S9WA0- EdRnrtafc FtaMoesaRee 71*1- Tahau«fi052- TNepbw rvm eso.

INTERNATIONAL & BRITISH EDITORIAL & AflVmUSEl ffiNT Ot-'flCES

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preceded * the appropriate » < ? le , r g il1 **
grofinah am, Uvopool and Manchester.

«HH.

rmwt* And i *-* f Vb Mb

S SSd sESdseaEi m assxu.

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honour of the event. As I write
this, (he latest Press announce-
ments include miniature sheets
from Nevis and Paraguay, and
Significantly, a crop of second
or even third issues from some
countries. The Cook Islands
group, inducting Aitntaki and
Penrhyn which also produce
their own distinctive stamps,
have already had sets showing
the Prince of Wales from the
cradle onwards, plus the same
sets surcharged for _ Inter-
national Year of the Disabled,
.and are now launching com-
memorative stamp booklets. .

North Korea has just
released a second series, com-
prising a. sheet of four different
stamps as wed as a miniature
sheet, while Uruguay has also
produced a second series con-
sisting of seven stamps side by
side, three separate stamps and
two miniature sheets. Not so
long ago stamps celebrating a
royal event such as this would
have been confined to- the
British Commonwealth, but now
such occasions are regarded as
fair game to all and sundry,
regardless of their connection
with Britain, or their pofitical
outlook.

Tbe collectors who started
last July .with the intention of
forming a Royal "Wedding col-
lection, and who have dmee
subscribed to one or other of
tbe services offered by the
major dealers, have tbe reanec^
in their own bands. They can
stop subscribing any time they
feel that the issue is getting
out of band, but tbe dealers,
already beset by cash-flow prob-
lems. cannot disengage them-
selves so easily once they are
committed to stocking a certain
theme. Such has been the
volume of material in the past
few months that Stanley
Gibbons have taken the un-
precedented step of preparing
a separate catalogue of Royal
Wedding stamps. ix> be pub-
lished in March or April. This
will not only list all the basic
stamps, but will include first
day covers, gutter pairs,
cylinder blocks, specimen over-
prints, sfaeetiets. booklets,
errors varieties and the whole
gallimaufry of nuptial philately.

No sooner will the Wedding
issues be completed than the
Royal Birthday will be upon us.
This, in fact, promises to be a
double event, with Princess
Diana celebrating her 21st
around the time of the impend-
ing birth.

The Crown Agents have,
started the hall rolling by
announcing an omnibus issue in
honour of the Princess’s birth-
day. One may be sure that this
issue will be restrained, but
inevitably other countries will

SNOW REPORTS

EUROPE

Andermatt (Sw.) 150-270 cm Excellent snow.

Arosa (Sw.) 140-190 cm Spring snow on good base.

Saas Fee (Sw.) 50-160 cm Some powder off piste.

St Moritz (Sw.) 60-100 cm Good skiing conditions.

Kitzbuhel (Aus.) 85-200 cm Excellent piste conditions.
Niederau (Aus.) ...... 60-240 cm Good skiing on' piste. ,

St Anton (Aus.) 110-460 cm Good skiing, some spring snow.

Val dlsere (Ft.) 150-250 cm New snow, windswept.

Counnayeur (It) 145-276 cm New snow on bard base.

Sauze d’Oulx (It) ... SO- 90 cm Good skiing on and off piste.

European reports from Ski Club of Great Britain representatives.

THE U.S.

Aspen (Col.) .—...w... 28- 96 ins

Hunter (NY) 24-111 ins

Parit City fUt) 40-111 ins

Squaw Valley (Calif.) 48-114 ins

Stowe (Vt) 40- 85 ins

Sngarbush (Vt), 80- 50 Ins

Figures indicate snow depth at top ancL bottom stations.

Ic^r patches.

SCOTLAND

Cairngorm: Few runs complete. .

Glencoe: Main runs complete. New snow on nard bsse,

Glenshee: Few rnns complete. Icy patches.

Lecht: One run -complete. Hard base.

Scottish forecast: Wanner, perhaps with rain.

Keith Fletcher (left) and Sir Leonard Hutton

Captains and kings

CRICKET

TREVOR BAILEY

jump on the bandwagon. Collec-
tors might do well to restrict
their interests to the stamps
from those countries which did
not overdo the Wedding stamps,
and ignore the rest

Meanwhile, 1982 promises to
be a frantic year for the postal
administrations and their
philatelic bureaux, with several
events and personalities com-
peting for attention. There is a
movement afoot in my native
land to give James Chalmers
the .honour which is allegedly
due to him as the creator of
the adhesive postage stamp. So
far, however, only tb.e West
Indian island of St Vincent has
announced stamps for the
bicentenary of his birth on
February 2, and Britain’s sole
contribution is the £1.43 booklet
which went on sale this month
and portrays him on the cover,
with a ref eremje to the fact that,
in 1837,* he produced the first
■specimens ' of adhesive ■stamps.
His birthplace; Arbroath,, and
the city where he made his
living as a printer and pub-
lisher, Dundee, are having
pictorial postmarks on that date.

Unfortunately poor Chalmers
will have to compete with
George Washington and Joseph
Haydn, whose 250th birthdays
are being celebrated by the
US. and Austria respectively.
Western Samoa has also
announced a set for Washington
and doubtless many others will
follow. This is also the
centenary year of Franklin D-
Roosevelt, subject of a 20c
stamp recently released. An
old favourite with his fellow
philatelists, FDR is bound to
appear on numerous issues
around the world this year.

A less likely subject for com-
memoration is the German
physiologist Robert Koch, but
it is exactly a century since he
discovered the tubercule
bacillus — an event being cele-
brated by West Germany
(February 18), the Bahamas
(February 3), and the Cayman
Islands, the People's Democratic
Republic of the Yemen and
Brunei (all in March). Thanks
to him. TB is- no longer the
dreaded scourge it once was. so
this - could well be the most
worthy cause celebrated this
year.

WHY DOES England have so
much more difficulty in choos-
ing a cricket captain? The
choice of Keith Fletcher for
India seemed logical in the
short term. But under his com-
mand, England have not done
very well.

They have failed to win a
single Test in India. They have
lost the limited overs tourna-
ment, they have lost to Sri
and some of the behav-
iour of players has left some-
thing to be desired.

Fletcher had an impressive
batting record in Test cricket
was especially good against
spin, had toured India twice
and proved himself to be a suc-
cessful, and much respected
skipper of Essex.

It seemed unlikely that the
general public would have
another opportunity of indulg-
ing in that popular pastime,
picking England's cricket cap-
tain at least until the end of
this summer.

There is a tendency to judge
cricket captains, often unfairly in
terms of results, and the selec-
tors. under new chairman Peter
May, are believed to be think-'
ing in terms of a successor' to
Fletcher before the Australian
tour next winter. I think this is
premature, especially as the
alternatives do not spring
readily to mind.

I believe we are inclined to
imbue captaincy with more
mystique than it warrants. This
stems from the days when the
position was the prerogative of
the amateur, frequently with a
public school and university
background, who had the advan-
tage of being more independent,
because he was not employed by
a county club.

In contrast selectors abroad
are more willing to .take a

chance with an established Test
cricketer, even if he has very
little experience of captaincy.

Although a county skipper’s
know-how is a considerable
asset, it is not an essential
requisite for an England cap-
tain. When Sir Len Hutton took
over and won back the Ashes,
he was not captain of Yorkshire.
Ray Illingworth had had only
a handful of games as the
Leicestershire leader when he
assumed command.

But Len and Ray both had a
deep, practical knowledge of the
game.

Alec Bedser, former chair-
man of the England selectors,
has often bemoaned the fact
that most county skippers were
either too old, or not good
enough cricketers to be given.
the England captaincy. Or they
came from overseas.

Although Alec had a point, it
could be argued that with so
many profitable domestic com-
petitions to be won these days,
the last person a county should,
pick to lead them is anybody
with a regular ' place in the
national eleven! The role of
a county captain is not dissimi-
lar to that of player-manager
in football. Can you imagine
football directors appointing a
player-manager who would not
be available for half the
season?

What makes a successful
cricket captain at international
level? The first essential is a
powerful side, or alternatively
weak opposition. Then it follows
that luck plays a considerable
part I always rated Norman
Yardley an outstanding leader,
but he could not have won the
Ashes for England in 1948
against Bradman's great team.
Ian Botham, in addition to lack-
ing experience and being both
tbe main attacking batsman and
bowler in the team, was un-
lucky to have been given the
job against the West Indies.

An important reason why
Clive Lloyd has done so well
and lasted so long as skipper
of the West Indies is the
strength of his side, while the

majority of the opposition Eng-
land has faced under the astute
Mike Brcarlcy has. as a result
of the Kerri - Packer Revolu-
tion, been second class.

There is a considerable dif-
ference between captaining
Englanl at home and on tour.
At hou.v a good knowledge is
probably the main essential, but
overseas rlcmentary psychology,
the abiliij to motivate and keep
the party reasonably happy, in-
cluding those not picked for
the Tests, and to handle the
media and problems like indif-
ferent umpiring are equally
perhaps more vital, which is
why Mike Brcarlcy and, in an
entirely different way Tony
Greig, were so good. The team
believed in them.

Who will win the England
captaincy? It looks u very open
nice without firm favourites. If
the selectors decide that they
must have a county captain.
there are seven possibles. They
could recall Brcarlcy yet again.
He is certainly capable of lead-
ing England to victory over
India and Pakistan this sum-
mer. but. even if available, is
loss likely to be successful in
Australia.

Willis, as a main strike
bowler, is not the ideal role
for a skipper, but could do a
short-term job. Rose. Knight.
Cook and Barclay all have
their claims, but also have two
weaknesses— they have little or
no experience of Test cricket
and have never toured Aus-
tralia. Fletcher could be re-
appointed for life first three
Tests this summer, which would
give a little breathing space
and is probably favourite.

The selectors could also turn
again to Botham, but at this
stage he has more than enough
on his very broad shoulders. If
this situation had occurred over-
seas I believe that their selec-
tors would have turned to
Gooch and taken a gamble on
his lack of captaincy' expertise.
It could well be the best solu-
tion and he is certainly also
worth his place purely as a
player.

It is a good day, Ya?

SKIING

ARTHUR SANDL£S

SURELY there is nothing
worse than being chilled to the
bone on a ski slope. One of the
good things about the length-
ening days and brighter sun-
light of later season siding is
that life tends to get a little
warmer. Over the years I’ve
come to learn how to heat the
cold most days, but if tbe first
ski lift of the day is a long open
chair, followed perhaps by a
long drag-lift to the summit in
sub-zero temperatures then
there is little you can do. Over-
protection will only mean a
sweaty morning as the legs
start working.

And so it was, a week or so
ago, that I stood, thoroughly
chilled, at the top of the
Kreuzkogel, some 2,686 metres
up in ■ the mountain air, high
above tbe Gastein valley. The
various Gastein villages —
Badgastein, Bad Hofgastein and
Sport Gastein — are probably
better known for their rejuven-
ating waters than their skiing.
Certainly the visitors seemed to
be of a somewhat mature age
bracket than one normally en-
counters on the slopes.

“It is a good day, Yn?” said
my guide grinning at my furi-

RACING

DOMINIC WIGAN

Powder & packed.. All runs open.
Packed powder.; -All rims open.
Powder.. All runs -open.

Some Icy patches? Most open.-
Packed powder. All rnns open.
Loose granular. -'All' rims'- open.

THERE HAS been no more suc-
cessful Chepstow specialist in
the past few seasons than
Prince Rock and the 14-year-
old is certain to return to well
earned acclaim. Once he has
run his lest race in today’s
Graham Reeves Chase, on the
Monmouthshire 'track.

Placed in three Coral Welsh
Nations, Prince Rock has won
both the previous runnings of
the Graham Reeves and popular
and local support seems sure
to see going to post a warm
order for this afternoon’s 11-
runner renewal of the three
miles six furlong handicap.
Here, the veteran who
accounted for exactly the same
six field of an identical race
in 1981. again looks a possible
bet, but I suspect that he is
an each-way rather than a win
proposition.

A gallant third when attempt-
ing a near impossible task
against two fast improving
chasers in Peaty Sandy and
Royal Ruse over today’s course
and distance m the Weigh
national. Prince Rock may have
to be content with the minor
spot behind Josh Gifford’s Royal

ous efforts to return blood to
my fingers. Ya, it certainly
seemed to be. The clear air
which had produced that cold
also gave us a spectacular view
across the mountains of Sal-
burgerland, far over the
Kapruner Tal to the giant
Grossglockner, the highest
mountain in Austria.

“ Follow me," yelled the
guide. And so, in a glittering
flash from a ski suit which
sealed to be constructed of
silver thread, he disappeared
over the mountain edge into
shadier, chillier pastures.

I was soon to discover why
most other skiers were taking
another route. The North Face
of the Kreuzkogel js the sort of
run that resorts keep aside for
visitors who underestimate
their local ski resources. “ So
you think our resort is for
geriatrics, eh ? ” you could
almost see hiih thinking. “ Well
try this for size.”

And so we did. There was
abont. 18 inches of new powder
on a 1>ase that had clearly been
slushy' and then -refrozen. I
Inspected it riosely. First by
pushing my nose in it and then
for a minute or two trying to
find ray left ski again. “You
ski too much in France,” said
the guide with a sneer. "Why
do you move. your shoulders so
much ? ”

In France they tell you that
you have skied too much in

■Judgment and the John Thorne
trained Loving Words.

The first named returned to
winning form with a vengance
at Newbury on Saturday when
beating -the Gold Cup candi-
date Diamond Edge, stricktly
on merit in -the Compton Chase
in which -the pair met on level
(terms, while Loving Words
showed the next best thing to
bottomless stamina an landing
the Brooke Bond Oxo in which
just four from 23 completed.

Although Royal Judgment is
unquestionably the highest
class chaser in today's line up.
I suspect that the remarkable
staying powers of Loving Words
will carry the day over a
distance never before tackled
by tjie Findon chaser who. in
addition is not the safest of
jumpers once off the bit.

In the day’s other major
staying event. Newcastle’s four

Austria, in Italy that you should
stayaway from Switzerland, and
in the U.S. the dearly despair
of every European teaching
technique. It is always the same.

But back to the run. It offers
acres and acres of steep un-
g roomed snow often, I am told,
several feet deep. It is best
skied with local help, and never
alone. One of my own more
spectacular falls took me 50
feet downhill in a mini-
avalanche of blinding powder
snow. “Yes, yes. I know. The
shoulders."

In fact the descent through
the powder was less worrying,
and vastly more pleasurable
than the final mile or so on a
woodland track. 1 bate them.
The longer they go on the more
I find myself lifting the inside
ski on turns and slapping it
down, rather than executing the
smooth transition of the text
books. .

But when we reached the
bottom all signs of chill had
gone. Rivulets of sweat trickled
down my backbone.

“ And now,** . shoaled the
guide, “some sch naps.”

“No," I replied firmly. “I’ll
have a glass of wine — French
perhaps."

ft Few tour operators serve the
Gastein area. Ema Low, 5 Bute
Street, London SW7 is one oE
them. Austrian Airlines shares
a scheduled service to Salzburg
with British Airways.

miles one furlong Eider handi-
cap Waggoners Walk will also
be attempting to repeat a
success of a year ago. The
veteran is slowly coming back
to form and will give a good
account of himself without
perhaps being good enough to
concede 9 lb to Three To One.
At Carlisle, ten days ago, Three
To One showed up well for a
long way despite looking back-
ward in the three mile Standix
handicap won by Lasobny.

CHEPSTOW
12.45 — Loving Words***

1.15 — Arabian Music

1.45— Another Duke

2.15— Jubilee Medal**

2.45 — Sparkford

3.15— August Moon.

NEWCASTLE

L45— Winning Brief

2.15— Twice Times

2.5ft— Three To One*

SPORTS DIARY

SOCCER: England v Northern
Ireland, British champion-
ship (Wembley) , Feb 23;
Spain v Scotland (Valencia),
Feb 24

RUGBY UNION: France v
England (Paris); Ireland v
Scotland, Triple Crown
decider (Dublin), today.

CRICKET: Sri Lanka v

England, Test (Colombo),
until Feb 22

HOCKEY: Rank-Xerox clni
championships, Feb 21.

SKuNG: World Cup events in
Oslo. Slavic, Sarajevo and
Winter Park (U.S.), con.
tinning through February.

SAILING: World championship
(Fireball class). Frankston
Australia. Feb 23.

SNOOKER: Tolly Cobbold

Classic (Ipswich), Feb 22-24

FINANCIAL TIMES I °f^ man w ^° k 110 ^ his perks

BRACKEN .HOUSE, : CANNON STREET; LONDON EC4P 4BY
Telegrams; FJnantimd, London PS4.Tefex; 8954871
Telephone; 01-2488000 '

Saturday February 20 1982

Bumping along
the bottom

THE CHANCELLOR must by
now be regretting the series of
cheerful announcements about
the economy which he has been
making for the best part of a
year: and Mr Leon Brittan, his
Chief Secretary, should be re-
examining die timetable on
which he expects economic day
to follow night. There are good
reasons for hoping that we are
by now in the later stages of
our re-adjustment to economic
reality — though the reasons are
not perhaps quite as strong as
a financial market short of new
' stocks would suggest. However,
the late stages are proving to
be among the stoat painful of
ail , punctuated with company
failures and near-failures

against a background of falling
personal incomes. The Govern-
ment is also coming to appre-
ciate the truth of Sir Keith
Joseph’s slogan. Monetarism is
Not Enough. Hard policies are
needed for hard problems.

Weak markets

The depth and persistence of
the recession has been confirmed
this week by the industrial out-
put figures for December 1 —
sharply down— and the very flat
GDP figures for. the fourth
quarter. We pumped more
North Sea oil and burned more
fuel to keep warm, but that Is
not the sort of comfort which
spreads. It is this very tong
period of weak markets which
has undermined such operations
as Ley land Vehicles, winch is
planning for sharp contraction
' in spite of winning a better
market share with new products.
Although realism seems to have
won the day over protest among
■ the workforce, it is easy to sym-
pathise with their bitter fled-

• mgs.

On 13ie railways, Ihe state of
the cycle has 'simply sharpened
a problem Which goes back many
years, and is common to stAsi-
dised enterprises everywhere.
The stubborn resistance to
change here is compounded by
two contradictory elements —
the experience of working in a
declining industry, coupled with
the conviction that even in Hs
reduced state it remains an
essential service which will
always be bailed out.

Emulation

The strike may in the long
run prove an important defeat
for the drivers, for it showed
that the country can get on
remarkably well with no rail
service. But it is unfortunately
regarded for the moment as a
triumph for stonewalling, and
has attracted instant emulation
from some of the more hot-
headed railway guards. Govern-
ment after government .has
made it dear that the unions
must play their full part in any
modernisation of the service,
otherwise investment in effi-
ciency is simply wasted.

The problem of persuading
the men themselves to accept
that view remains unsolved.
One might wish that the Labo ur
Party, which has supported
Aslef in its present dispute —
and may have been justified by
the letter of a thoroughly un-
satisfactory pay compromise
last year— =wiH now be equally
eloquent in supporting the case
for efficiency. But it is likelier
that the case will have to be
fought again in the very near
future, over toe redradaicies
and pay standstill which may
wen prove to be the cost of toe
present dispute.

Polarised

One rather un e xpected result
of the sour atmosphere of this
winter is that political opinion
is becoming polarised again on
we-they lines, with less room
left in the middle for the
Liberal-SDP Alliance. This fact
may somewhat embolden the
Government in -fi ghting what
could be a long war of attrition
to achieve efficiency in public
transport and a number of other
public services, iris here especi-
ally that the object-lesson in
reality which financial strin-
gency is supposed to teach
seems most remote.

lit is not remote at afl m toe
private sector of the economy,
and it is the knowledge tfwhat
is happening here which pro-
vides- some objective justifica-
tion for the good cheer in the
financial markets. The other
side of the fall in real incomes
is the scope for a sharp re-
covery in profits. The regular
news of .moderate wage trends
and an encouraging growth of
exports is the measure of future
potential. The recovery in pro-
fits seems to be coming rela-
tively early: by "the same total,
the fall in Inflation and th«
recovery in real incomes may
be somewhat delayed.

Confidence

At the same time *hi« confi-
dence seems to be reflected in
the currency market. For a
second week sterling has per-
formed well despite a further
rise in U.S. interest rates. This
is partly due to tax-paying
pressures, but could signal a
significant change In market
behaviour. With the collapse of
the Opec surplus in a glutted
oil market, the flows of liquid
capital which have dominated
currency markets are slowing to
something more like a trickle.
If markets respond more to the
underlying realities — competi-
tiveness and trade performance
— and less simply to interest
rates, then we may be drifting
a little farther from the influ-
ence of American financier
problems, and the consequent
lorels of interest rates, em’
"eltin? near the world S; -
Geoffrey hoped he detect?- !
nearly a year ago.

DAVID PERK’S first task eadt day is to breakfast with his
flqricHmt. Mabel, also his wife of 23 years. Mabel looks after
Us correspondence, acts as a hostess and picks him up at the
airport; for which Peris international provides her with a
Ford Cortina and a -small salary.

His house, provided years ago by the company, is a mess
bat he can already see the cook and housekeeper, also on PI
making headway with the remains of last night’s enter-
taining. David is skhmnlng toe company-supplied newspapers
when toe chauffeur arrives with the Bentley. He’d prefer to
drive his Jaguar, but the kids seed a lift to school, which they

are attending with FI's assistance. ,

Once In the office, he arranges the rest of his foreign travel
this year, ensuring teat a slice of his income will be taxed at
a reduced rate. A call from toe chairman’s office interrupts,
asking him to cfcooee his nights for the Covent Garden box. He

then remembers he must decide today on whom to invite to
Wimbledon tills year. With a glance at his 15-year service
award watch (gold, sell- winding), he realises he’s late for his
check-up with the company doctor.

Once again, he has to listen to a litany about malting more
use of his subsidised membership in his health dub and cutting
back on fattening expense-account lunches. He returns to the
office to have egg sandwiches in the snuff executive dining
room, passing up toe luncheon on the 14th floor with the chair-
man and his cousin from Milwaukee.

Barit at his desk, he looks over the company, solicitor’s
papers on his mother’s new mortgage. His financial director
calls to complain he is never able to reach Perks at home by
plume. He admits his family monopolises toe phone; they agree
a second phone for Incoming calls might be a good investment

Financial Times Saturday February 20 1982

for the company. He rings off, but not before getting a bit
of advice on Us investment portfolio.

secretary, back from her lunch In the office canteen,
reminds him that the office no longer provides free sons mid
It might -be time to replace toe one he’s wearing. He decides
she’s right and while smiling, he signs the form allowing her
two weeks at the company's holiday house in Minorca. She
wisely decides to postpone her request for a £1,000 Interest-free
loan until her return.

Taking advantage of a few quiet moments at the end of
his day. David writes to his mother, enclosing the mortgage
documents and some recent m a ga zi n es before smmng up toe
envelope and popping It into the company P«t The chauffeur
1$ waiting downstairs bedde toe Bentley. David decides the
rfiauflfanr could do with a new suit as well

Y MY standards,
•• l-c yachts are extravagant.

JJ I am not used to any
yachts,” Mr Robert Holmes &
Court, toe Australian financier
who is fighting to keep control
of Associated Communications,
told an appeals court judge in
London this week.

He told toe court that he had
discovered not one but four
yachts belonging to the troubled
entertainment empire built by
Lord Grade. There was also an
order for a $2m Cessna jet.

This disclosure is toe latest
in a series about the fringe
benefits, or perks, which have
become a steadily more import-
ant part of executive fife in
Britain in the past decade.
Perks range from ’’standard”
ones, tike some of those enjoyed
by Mr David Perk in toe article
above, to much more exotic
benefits. Some executives- use
flats or other facilities, osten-
sibly provided for business
reasons, to provide them with a
lavish and expansive lifestyle —
sometimes for nothing.

Accoun tants and toe Inland
Revenue, who are supposed to
police this tangle, admit there
are major problems in deter-
mining what is an acceptable
fringe benefit And the Revenue
acknowledges that it is hard
pressed to catch up with all
those who are violating the tax
regulations.

Sir Geoffrey Howe, Chancel-
lor of toe Exchequer, has con-
demned perks as “wasteful and
inefficient” but has also failed
to uproot them. His officials now
face perhaps their last chance
to attack toe system as they
prepare next month's budget.
Next year will surely be too
dose to election time for any
wholesale changes.

The structure they face is

daunting;

• Some 70 per cent of toe cars
on British roads are sadd to be
bought by businesses. The
salary research unit of Iribucon
Management Consultants re-
ports that 85 per cent of British
executives earning over £10,000
receive a company car. As re-
cently as 1965, In bacon re-
ported that only 37 per cent of
all UK executives received a
car.

• More than 60 .per emit of
British executives receive free
medical (insurance despite
Britain’s national health service.
According to Iribucon figures,
only five years ago toe figure
was 37 per cent.

• Nearly three-quarters of
British .executives enjoy a sub-
sidised lunch, a perk which
continues to gain in popularity
at all levetis of compensation.

Those are only three of the
most common perks, for
nowhere else In toe indus-
trialised world are fringe
benefits so prevalent- The
reason is mainly the generous
tsx relief provided on porks
1‘Jce these. They also reduce
a cwnoany's taxable profits
•■/bile the employee receives
toe benefit at far less than its
real value.

How fringe benefits just
grew ... and grew

By Carla Rapoport

“Probably something to do with the Trades Description Act!”

The ubiquitous company car
is very nearly a gift from the
Treasury — a Ford Cortina, for
example, will attract tax of only
£360 as of April — and can be
freely driven for business or
pleasure. In the case of
benefits in kind — fomg* like
school fees or jacuzris which
do attract tax relief— toe
employee pays tax on the
value of the perk but only at
his marginal tax rate. This
in effect amounts to a hraithy
subsidy.

Such largesse an the part' of
the Treasury was not planned.
Fringe benefits are the legacy
of years of high taxation
the wage restraints of the
1960s and 1970s. Mrs Thatcher,
the Prime Minister, has made
no secret of her distaste for
perks promising instead to
reduce taxes. Tax-relief on
perks is a heavy drain on
government coffers. An Inland
Revenue report showed that
taxation on the real value of
company cars would have added
an estimated £330m to the
Treasury in 1980.

So far, the Thatcher Govern-
ment’s efforts have been fruit-
less- Taxation was reduced in
1979, but since then real taxa-
tion on toe middle bands of
salaries has scarcely moved.
Under such circumstances, cut-
ting beck on perks slipped a
few nogs in priority, • .

Tv.-o important changes in the
perks system ware unveiled in
last March’s Budget but have

since been covered . up a gain
The inlan d Revenue quietly
announced at the end of last
year that taxation on free
petrol and a new PAYE system
for company cars and petrol
would be postponed for another
year.

In its efforts to reform the
perks system, toe Government
has run up against the reluc-
tance of industry to accept
change. Higher taxation on
cars, for example, has been met
with resistance from toe ailing
motor industry, which remains
heavily dependent on the fleet
car purchase.

Benefits like cheap loans in .
the financial sector have become
standard practice and continue

to provide a lure to young
graduates as well as a disincen-
tive for those ^ receiving the
loans to change or leave their
jobs.

But as anyone able to eat a
free lunch knows, toe system is
wide open for misuse. Provid-
ing and reporting fringe bene-
fits are toe responsibility of toe
company mid its workers. The
Government can only guess - at
how much it loses each year in
unreported or rafrieport ed
perks.

Pension funds are a ripe sea
for exploitation. A controller
frith the Revenue's Superannu-
ation Funds Office recently re-
ported tost some small com-
panies had been using their

WHAT PERKS COULD DO TO YOUR SAURY

(In 6)

without perks With perks

. 1

Approx.

Approx.

Cost to

value

Cost to

value

company

aftertax

company

after tax

Basic salary.

20,000

14000

15,000

11,125

Overseas duties

5,000

3350

Bonus

. WOO

1,560

WOO

7,023

In share plan

1,000

1,000

Company car (over LBOOce)

1 4500

45)50

Telephone rental

100

100

Bupa

120

120

Permanent health plan

500

500

Free hatch •

750

750

Pension

woo

woo

5,730 ,

V30

Tote!

76,000

.

34J29

27,770

r.OTE: rfet» thfli company paid tha before-tax value of the total Incoma with
par.es as straight set ary — £34.720 — Income after tax would be £21,600.
Ths difference- In fsx peW would be £8.110.

self-a dministered pension
schemes to finance cheap loans,
yachts, diamond tiaras, holiday
cottages and retirement homes
for .aged parents.

Perhaps toe most abused
fringe benefit is not really by
definition a perk. The corporate
expense account has b edevil led
accountants, finance dir ectors
and politicians ever since the
first . cocktail cabinet was
deemed a proper aid to bumness.

Although trends are difficult
to pin down, those who study
toe fringe benefit area agree
that . more abuse of this sort
takes place in toe smafler
company, often • family-run,
which is generally out of toe
public eye. F. . Pratt Engineer-
ing had scarcely been - heard of
until a raucous -boardroom battle
brought out alleged claims of
gross misuse of company funds.
An accountants’ inquiry into
tbe claims has just been com-
pleted and financial redress is
now being sought by the pre-
sent management from former
directors. .

To avoid any wfriff of con-
troversy, larger companies often
go to ffeat lengths to keep
their books straight. GEC, for
instance, requires directors to
pay £5 for their executive lunch.
Habitat employees are granted
a meagre 75p for breakfast if
they hit toe road before 7 am
on business. Habitat’s top man-
agement may stay ait fbur^star
hotels while traveling on busl-.
ness, others are relegated to

two- and three-star establish-
ments. No claim for alcohol
can be made on expenses.
Companies dish out a fair num-
ber of perks at their discretion,
prompting large discrepancies
between companies and even
between employees. For ex-
ample,, while Thomas Cook gave
employees driving on business
a 23p per mile allowance in
1981. Williams and Glyn’s Bank
gave a generous 36.75p. The
kind of car often varies with
the position, but tbe recession
is denting this perk slightly.
Borden UK for example, used
to dispense Ford C-ortinaas tn
its middle management, today
it is Ford Escorts. At ICL Sir
Maurice Hodgson has waived
his right to a new Rolls every
three years and is keeping his
for five.

Luncheon vouchers are a
prime example of the Govern-
ment's benign neglect and the
contradictions to which It leads:
they are tax-free provided they ,

. total no mote than tbe 1948 rate
of 15p a day. On toe other
hand, if the company provides
a four-course meal with wine,
the benefit is free to the
employee and provides tax relief
for the company. On personal
loans, an interest-free loan -of
£1,300 is tax-free, but who gets
them and for what te entirely up
to the company.

At a time when government
hopes to cut back on staff, not i
add to it, reform of the nation's J
peiks seem highly unlikely. For j
many years and through various <
governments, plans have been j
considered to scrap the fringe i
benefits system altogether. One ,
archi tect of such a scheme, Mf
Brian Reading, a former advisor
to Ted Heath, argues that if J
average tax rates are 30 per cent
and the yield to the Treasury is |
15 per cent, why not have a 15
per cent tax rate and do away
with the machinery of perks? t
■■“Instead of getting relief for
being something, a homeowner, f
pregnant, married or the like, '
one could get relief for work- ■
lag," he says.

Such wholesale reform of toe '
income tax system remains un-
acceptable to the Conservatives
for toe time being, however, as ■
Mr Reading points out, it would ’
necessitate a wealth tax on •
those in the highest income
brackets. A Labour government
might try to smooth out the
iniquities, but perks are so well <
embedded in toe compensation
mechanism, that to uproot them
would appear to be undermining |
workers’ " standard of living- .
Only this week Mr Arthur Scar- .
gjlTs union helped to provide
him with a new Jaguar.

Earning cold, hard cash re-
mains a rather un glamorous
occupation in England. It is
still easier to give an executive .
a fancier car or a Mini far his
wife than toe extra money
which could upset others in the
office. Until toe day when simple
money becomes something to
be proud of, fringe benefits are
likely to remain deep in toe
British pocket

Letters to the Editor

Investment

From Mr J. Morrell

Sir,— I would like to support
Professor Alan Budd’s plea
(February 3) for tax conces-
sions to help business with the
aim of generating sustained in-
vestment

The level of private invest-
ment depends heavily upon
changes in profits and cash
flow. A rise in investment to
meet the performance of
foreign competitors will not be
forthcoming without a strong
rise in home profits.

Two factors of the present
scene alarm me. The first is (as
Alan Budd states) that labour
costs per unit of output are still
20 per cent higher relative to
competitors’ prices than in 1979.
In my view the pound is still
heavily over-valued against the
U.S. dollar and a number of
Continental currencies, as can
be seen by comparing prices.
It is significant that ear prices
are some 30 per cent lower on .
Tbe Continent and the flow of
tourist traffic strongly supports
my view. We thus remain
heavily exposed to cheap
imports, preventing a UK
recovery in many cases.

The second feature is the
outflow of industrial invest-
ment. In my experience the
majority of larger companies
have set objectives to increase
their foreign assets and to
reduce toe UK share of opera-
tions. Ultimately this must
weaken the British competitive
position still further since in-
vestment per head here will
continue to fall behind toe
levels of our main competitors:
James MbrrelL
25. Milk Street, ECZ

Energy

From Mr C. Hughes

Sir,— In your report (Feb-
ruary 15) on our latest forecast
far UK energy demand during
the 1980s it was stated that “gas
will overtake oil as the UK's
most important energy source.”

Although we forecast that
gas will become the most im-
portant fuel used by industries
and domestic consumers in the
UK this does not take into

account transport fuel demand
or toe conversion of final energy
use into primary energy
demand.

As the table shows, on this
basis gas will still represent
only 22 per cent of UK primary
energy demand by 1990 com-
pared with 35 per cent for oil
and 38 per cent for coal.

UK primary energy demend
(million tons of coal equivalent)
1380 1966 I960

Coal 134 135 143

Oil 139 123 130

Q»s ... 83 76 S3

Primary . 14 21 21

Total ... 355 364 378

Colin Hughes.

Cambridge Econometrics,

PO Box 114,

St Andrew's Street, Cambridge.

Trading

From, if r J. Klssin

Sir,— Mr Rigby’s question
(February 10) about “alterna-
tive trading arrangements "
after withdrawal from the EEC
is easily answered. After with-
drawal, we would i continue
trading outside Europe on the
same terms as we do at present:
terms which allowed us to earn
a surplus of over £5bn in our
non-EEC trade in manufactures
in 19S0, while our trade in
manufactures with toe Com-
munity was in deficit of over
£1.7bn. There is no need for
us to negotiate a “free trade
area or Customs union," either
outside the Community, where
our trade is manufactures is in
heal toy surplus without one, or
inside toe Community, where
oar trade ip manufactures has
been in chronic, and generally
growing, deficit ever since we
established one.

That Britain is dependent on
its non-European trade, but not
on its European trade, is one of
the most fundamental facts
about our economy, whether
toe pro-marketeers like it . or
not Once that is understood,
it wili be seen that besides
toe four possible responses to
the establishment of toe EEC
listed by Mr Robert Jackson in
his letter (same day) there is
a fifth, a polity of live and
let live.. There is no reason to
think that either toe existence
or the prosperity of toe Com-
munity poses any threat to us,

just as long as we have toe
sense to stay outside.

Of course there are many
areas, particularly defence,
where close co-operation be-
tween Britain ami the other
members of toe Communi ty is
beneficial to both. But those
areas are not covered by toe
Treaty of Rome, and there are
other institutions, which func-
tioned perfectly well for years
before we joined the EEC, for
organising such cooperation.
For reasons which lie deep in
the economic history and the
economic geography of toe
countries concerned, there is no
way of devising policies in
many of tbe areas covered by
tbe Treaty, such as agriculture
and external trade, which
satisfy the vital needs «£ both
the original members and o£
Britain.

As far os agriculture- and
external trade are concerned,
Britain Is simply not a “Euro-
pean country” in toe sense in
which Mr Jackson waste to use
that expression. The trouble
with toe pro-marketeers is that
they have never been able to
come to terms with that fact
Until this country does so. it
wiH continue to disrupt the
Community while, at the same
time, it allows its. membership
to destroy the basis of its own
economic prosperity.

John Kissin.

56, Crosvenor Road, Reading.

Centralism

From Mr T, Tracers

Sir,— Mr Hesettme’s Mode
grant is a readflyevailabie
mechanism for imposing a
centralist policy. All a Govern-
ment would have to do would
he to break the system into
separate block grants for each
part (however small), of toe
education Service mid - toes
build in an automatic grant loss
for any council which spent
below the 'national rah f hra m
level. That is, it could be made
more expensive in terms of rate
biUs if an authority spent less
than toe minimum level than if
it met or exceeded it

Penalties for tow spenders
could be worked in precisely
the same way as toe grant

reductions imposed on high
spenders at present Environ-
ment Department officials de-
vised a scheme for doing tins
during 1961 which neatly
circumvented toe original inten-
tion of the Local Government,
Planning and Land Act 1980,
to prohibit grant reductions - of
this kind.

In short Mr Hesel tine’s block
grant could easily be used bo
penalise low-spemhng (predomi-
nantly Conservative-controlled )
councils for not spending as
much as Mr Kinnock (February
15) thinks necessary.

Tony Traveri.

7, Fumival Mansions,

WeOs Street. W2.

Dealing

From. Mr D. Ttcrgoose

Sir,— Barry Riley (February
13) discusses toe .“Relatively
small scale of activity" and
“Lack of volume” in the
London traded options market
May I, as a participant, com-
ment? In my view toe differ-
ence between toe offered and
bid price (“Jobbers turn ” for
lack of a better phrase) is
overwhelmingly the major
cause.

I follow the market with
keen interest daily and deal —
both as buyer and writer —
occasionally. I would like to
deal much more heavily, and
above all very much more
frequently — toe “ turn” pre-
vents it For example, I have
been quoted, for a fairly active
Stock (ICE) “6p-9p.” Thus the
opening buyer immediately
loses, at that point in tone, one
full third of his money, before
even counting brokerage. The
investor is either locked out or
locked In. Inevitable result —
low turnover.

The non greedy but regular
investor may perhaps tope to
make Con average, after a lot
of gains and losses) say 25 per
cent per annum. If the average
duration of each option is (say)
3 months, he as hoping to
achieve an average gain of
about 6 per cent each time.
Such modest targets are com-
pletely overwhelmed • and
obliterated .by the turn. (I
would be very interested to
know whether- the staggeringly

different growth rate of the
CBOE was achieved in the face
of such a deterrent?)

Can there be any good reason
(other than deeply-entrenched
traditions) why the “ turn ”
could not be eliminated com-
pletely, with brokers making a
market each quoting a single
price at any point in time, and
sundvtog on commission? I
believe the market could then
really take off. Result: conten-
ted clients; very happy brokers;
and a massively increased turn-
over in toe London traded
options market
David Turgoose.

28 Lister Gate. Nottingham.

Tidy

From Mrs L. Orchard

Sir, — Your writer (Weekend
Brief, February 13) mentions
toe dilemma of where to put
used butter and marmalade foils
when breakfasting in hotels
which use such contraptions.

An excellent solution to this
problem is toe small and often
quite colourful “bm” which I
recall having found on Conti-
nental breakfast tables. One
simply pops toe used foil con-
tainers into toe bin where they
remain nicely out of sight.

(Mrs) Lene Orchard.

29. Burkes Road,

Beaeonsfield,

Backs.

Laker

From Mr A. Beaumont-Dark, MP

Sir, — TStere is no doubt that
Sir Freddie Laker has had a
profound effect toe flytag’
habits and costs of affi people
who travel, particularly break-
ing cartels wafoh are unjustified
and Hntit the' horizons of
ordinary people. AH these
things are to be applauded.

It certainty needed a Laker
to do this, and the buccaneering
instinct and bland courage that
be has. AH progress and change
of this magnitude needs people
who take vast risks, usually with
other people's money as is toe
case with Laker, who with a
small capital base has lost
millions of pounds of others*
wealth.

• It is now said that Sir Freddie
Laker should come back with

Laker 1982 Limited or “ The
People’s Airline." I hope I wifi
not be thought unfair if I say
it is like marrying again before
your first wife is buried. It is
to be hoped that this modem
folk hero .walfl have a greater
concern for financial prudence
and that his undoubted flair
will be harnessed to reality
so that many thousands of
ordinary people do not again
lose their small savings in
worthless air tickets. Also, the
banks, who take aft the risks
may now fieei- reluctant to
finance others, more soundly
based, .may stiH feel it is worth-
while taking risks.

to spate of all toe good things
about Laker, I think rt has to
be said that toe financial world
as not against him, as has been
proved, but that water does not
ran npMH. even Cor Sr Freddie
Laker. . .

Anthony Beaumont-Dark,

House of Commons. SW1.

Value

From, the Director
Aims of Industry.

Sir.— Robin Pauley in has
excellent article on the costs
of tbe ton err London Education
Authority •(February 41 sum-
marises the Budget options very
■weft and rightly points out that
ratepayers face some hard
lessons.

But while looking at Mr
Parity's figures, London rate-
payers should also consider
some other points. It costs
50 per cent more to educate
London ririkfaua than in moot
othe r hate r city areas. Whereas
toe number, of London pcqnls
between 1973 and 1980 feH by
17 per cent, the number of
bureaucrats went up by 2.4 per
cent London children do leg;
weH m warns than children in
aimost -every other town and
city. Defenders of ILEA argue
that tins is because of toe pecu-
liar problems in London, of .a
racial mix. But areas outride
ILEA with an equally strong-
racial mix do much better.

So, it is not ju&t a question
Of paying too much for London
education; it is also a question
of not getting value for money.
Michael Ivens.

40, Doughty Street, WCl..

POVERTY

TO SELF RELIANCE

IN ZIMBABW E '

When the war ended Zimbabwe inherited a legacy of destruction
and disruption: the rural health structure lay in rums and
disease was widespread; over one million people were homeless
and nearly 7,500 schools were dosed or destroyed; 30% of all
children were suffering from malnutrition,

• We provide dean water, rural health workers and medical
equipment in the most remote and deprived regions of

. Zimbabwe ■ . ,

® ****** recently . framed rural craftsmen to became

prod uctive members of their community by providing them
with the tools of their crafts ...

# We provide seeds, training and supporting services to 1,800
malnourished families ...

th ? c wl ether projects the Zimbabwe Trust tram,
forms conations from generous donors into investments in the ;
•nergy of a determined people.

Hdp Zimbabweans to help themsetees by sending us a donation.
**. *"* cm P on b 5 ,ow ‘ D«wting under covenant in-
** VSL do “ tIon bjf «%• So a £10 covenant
is worth £1430? a £700 covenant b worth £143: a £1JOQO
covenant ur worth £7.430. ^

INVEST IN THE
ENERGY OF
THE PEOPLE OF
ZIMBABWE
THROUGH

9

TRUST

BtaUeeiCbmftrNatSTSeei
ttm Um es The Lady Sogma^ B BS,

Tick □ Please send mo more details about a Deed of Covenant

^ h cmih ^ dhe< l tli donation. which

Name ' ..

***

Address ....... :

• Send i TL?j r S enry WcDowell KBE. Zimbabwe’ Tnl£*

2 Donne Court. Burbage Road. London fiE24i
Please send **.e. If you would | ike a MaJu} chc . u<s

Whit to Zimbabwe Trust.

i

s

j

l " -

j

I Financial Times Saturday February 20 19S2

POLITICS TODAY . > ,

15

M'. I •«

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The SDP

l

By Malcolm Rutherford

THE constitutional convention
of the Social Democrats in Lon-
don last weekend confirmed
everythin™ that we have come
to expect of the new party. The
conduct was civilised, and the
dehate more or less rational
and a oifle earnest.

True, there were times when
the language of the old politics
seemed to spill over from the
platform: for example, the calls
for a “card vote" when what
was meant was that the show
of hands should he counted
rather than estimated. In the
Labour Party a card vote means
bringing in the unions.

But it was refreshing Lhai
there should have been such a
discussion of the role of
women. Should there be posi-
tive discrimination to ensure
that women get a share of
offices in the party more nearly
proportionate 10 their numbers,
or should they get there on
merit? The women seemed as
divided as the men.

The two big parties have
never debated like this, though
it is one of the social issues of
our time.

It is beside the point to note
that the convention was pre-
dominantly middle class. So is
the country.

One other item worth record-
ing is that Dr David Owen is a
considerably better chairman of
a large meeting than Mr Roy
Jenkins.

Mr William Rodgers, another
of the original gang of four
which founded the new party,
describes the SDP as springing
from “provincial suburbia.” It
might he put in a slightly dif-
ferent way. SDP supporters are
the schoolchildren of the 1950s:
meritocratic, managerial, with
no great sense of class-
consciousness or even cause for

complaint. They simply want
the country to be more efficient
and. possibly, more humane.

There is a problem here. That
is exactly the ground claimed by
Mrs Thatcher. It would be bard
to present the bulk of her pre-
sent Cabinet as anything but
meritocratic, managerial,
re r era.

We shall come back to that.
First, however, what happens
next to the SDP and the alliance
with the Libersflfc

The assumption is that Mr
Jenkins wins the coming by-
election in Glasgow Hillhead
and returns to Parliament. The
by-election will probably be held
late next month — after the
Budget, if he fails, all bets are
off.

Yet on the assumption that
he succeeds, the cementing of
the Alliance will continue rela-
tively smoothly. The business
of whieh party - fights which seat
in the genera] election is on its
way to being settled. Indeed.
Mr David Steel, the Liberal
leader, points out that the idea
of the Alliance is sometimes
working better ai the local level
than at the national: for
example, in Sheffield and Col-
chester. where the local parties
have almost merged their
operations.

Meanwhile, the two parties
will campaign together in the
local elections due In May and
— another reasonable assump-
tion — will do pretty well.

Also by early May the SDP
should have completed its
plebiscite on how to elect a
leader. That was what much of
last week-en<Ts convention was
about: there will now be a
postal ballot of all members. .

On yet another reasonable
assumption, the majority will
opt for election by one-member-

David Owen . . . looking to future: Norman Tebhit . . » union reform

one-vote rather than by members
of the parliamentary party.
Either way. it looks as if Mr
Jenkins has it.

Yet there are a Tew wrinkles
here which suggest that the way-
ahead is less than clear. For a
start, no-one knows when the
leadership elections will take
place. Quite strong pressure
was building up this week for
it to be held as soon as possible:
say by July at the latest.
Certainly that is what Mr Steel
would like in order to set on

with developing the Alliance.

But it is hard to see how
there can be a leadership elec-
tion before the party’s constitu-
tion has been ratified. Again, it
is not clear haw that will be
done, and when.

Another, related problem is
the party presidency — a separate
post from that of leader. There
is a growing awareness that the
presidency co.uld be a position
of some power. According to
the draft constitution, the
president will be elected by a

ballot of all members. Bur it is
not clear whether the election
for the leader and the election
for the presidency will be
simultaneous. •- ••

The point matters because it
looks as if the election for the
leadership will be contested. Dr
Owen is pushing Mrs- Shirley
Williams to stand against Mr
Jc-okins and may still stand
himself even if she agrees to
do so.

On the assumption that Mr
Jenkins wins, he will then

become leader of the Alliance,
as has already been conceded
by Mr Steel. A primary duty of
the leader of the Alliance will
be to look after liaison with
the Liberals rather than to lead
the SDP. Therefore whoever
becomes SDP president will be
at least deputy leader of the
SDP.

So who will stand for presi-
dent? It could be Mrs Williams.
Dr Owen, Mr Rodgers, . or
possibly all of them. All this
has still to be worked out. as-
has the question of the timing
of the leadership and presi- ’
dency elections. Mr Steel* can
be forgiven for seeming con-
fused about what is happening.

Behind the scenes Is another
argument about the separate
identity of the SDP. It is not
really an argument between the
two parties, since all leading
figures In the SDP accept the
necessity of the Alliance for the.
next general election, and many
of them genuinely admire the
way the Liberals have
developed. It stems more from
thoughts about whgt might
happen after that

For Mr Jenkins, at fil. the
Alliance has to do very well
next time if be is to have any
ebance of becoming Prime
Minister. For Dr Owen, at .43,
the perspective is rather
different. Say tbat the Alli-
ance does quite well ( but nor
sensationally so. The Alliance
might then have outlived its.
purpose. The process of politi-
cal realignment might go on,
but with the SDP rather than
the Alliance as the base. Dr.
Owen says the options- must be

kept open.

- There are also some, tactical
reasons for preserving the
separate identity, at least in the

shortish term. If you are seek-
ing to win support from old
Labour Party voters, as the
SDP is, it does not help to say
that you have got Into bed with
the Liberals. And it is true
that it was the birth of the' SDP
rather than any Liberal resurg-
ence that produced the spur
for the Alliance.

Very few of the differences
between the SDP and Liberal
leaderships are ideological.- It
is just that some- in the SDP
want to have their own distinc-
tive style.

So much fot the hear future.
Let Us now make a jump ' and
assume that the Social Demo-,
crais will sort out their internal
organisation, as they have done
so far. Mr 'Jenkins becomes
leader of the Alliance and dur-
ing the summer they produce
a detailed statement bn theioan
of proportional ' representation',
they would like, to see under
the next government By
autumn at the latest, the two
parties will be preparing to
fight- a joint election campaign
on a more or less common pro-
gramme. 1

That win be when the policy
and strategic problems begin.
Does the Alliance fight more
against Mrs Thatcher and her
brand of -Toryism, or against Mr
Michael Foot and the .Labour.
Party? ' Can it credibly 1 estab-
lish its identity by. .fighting both
at the same time? - .

What is happening' Is that the
Alliance and Mrs Thalctaer are
beginning .to compete for much -
the same ground. The Prune'
Minister, after all has des-
cribed Mr Jenkins as the best
Chancellor of the' Exchequer
since the war. The Social Demo--
crats, for their part, rather
admire her radicalism: In par-

ticular. all the original members
agreed to support— admittedly
with reservations — Mr Norman
Tebbit's Bill on .the reform of
trade union legislation, as they
would never have done if they
bad still been in the Labour
Party. That is a fundamental
change.

, If anyone can claim to be
breaking the mould in British
politics today, it is 'Mr* That-
cher..

The Social. D era ocrals and Mr
Steel have begun to admit this.
They cannot seek to break the
political mould themselves, then
promise a .return to the old
ways of deals with the unions
and shoring up industries. What
they will have to do if they
are to distinguish themselves
from Thatcherism is to add an
element of compassion, to play
on her alleged insensitivity to
the fact that change, though
necessary, also hurts.

Leading Social Democrats say
that whose they differ from Mrs
Thatcher is in caring more
about society as a whole: they
may be meritocrats, but they
are concerned about those less
fortunate.

Here, .finally, is an example
of how the climate of opinion
has changed over the past two
or three years. “It would focus
minds splendidly if Sir Peter
Parker were now to announce
that British Rail is las indeed
it is) technically bankrupt.
Therefore, he should warn in
advance Hiat__when the unions
troop in next month to present
their 1982 pay claim, they will
be told that the cupboard is
bare and any increase at all
will have to be covered by pro-
ductivity concessions.”

It comes not from the Daily
Telegraph, but from an edi-
torial in Wednesday’s Guardian.

i

t

1 i

jl

P & O's newest cruise liner, the 28fi00-ron Sea Princess

Carry on

luxury

cruising

The days of POSH (Port Out,
Starboard Home) may be a
distant memory to those who
couid afford expensive and
leisurely .sea voyages, but un-
ashamed luxury is by no means
dead on the world’s oceans.

There is plenty of money to
be made by catering for those
who want the atmosphere of
sea. sun and “ love " that a
cruise conjures up. By its will-
ingne&s tn spend over SI 50m od
a new cruise vessel- Britain's

P & O has shown that shipping
companies do not expect this
market to dry up.

At prices of $100m and
upwards, a new cruise ship is
not something which shipping
companies buy lightly. Bui
several new ships are coming
onto the market this year and
other operators are thinking
closely about whether to add to
their own fleets.

The P & 0 ship is due to be
delivered from Finland for
service in late 1984. . It will be

based on the U.S. West Coast
from where cruising has been
demonstrated to the less monied
masses by a TV programme, the
Love Boat, which used one of
P & O's Princess cruise ships.

P & 0 is in no doubt that the
cruise sector will stay a highly
profitable one. There are PC
cruise ships around the world,
of which 40 are at least 20 years
old. So over the next decade a
fair number of these will have
to drop out of the market.

The British company operates

at the lop end of the cruise
business as opposed to the more
bustling scene in the Caribbean
where numerous vessels com-
pete for the wide-open U.S.
market, a little dented by
recession.

Though based in Los Angeles,
the new P & O ship — it will
probably have Princess in its
name — will sene Europe and
the Pacific as well. P & O cur-
rently has a cruise fleer of seven
ships, led by its Canberra flag-
ship.

News of the P &• O order
could well stimulate other
operators to buy new ships.
Norwegian American Cruises,
which has two up-market
vessels, is considering whether
to place an order. One of its
ships was also used for a TV
programme in West Germany
called Traumschiff (dream
ship).

Although NAC has not fixed
a dale, ir does not see any point
in waiting beyond 1982. "Con-
ditions are right with the .ihip-
yards — it is a buyer's market."
Mr Bjorn Fusche. president of
the company, said in London
recently.

Pape gets
dawn to

Pope John Paul II's May visit
to Britain is going to be big
business. Everything from bal-
loons to platinum plaques are
being produced to commemorate
rhe visit and rhe Roman Catho-
lic Church is gearing up lo meet
the commercial challenge.

But the offices oF Papal
Visits, the company specially-
set up as the Church's business
arm for the event, don't quite
match up to the image of the

average business enterprise. In
the hall of the austere St Vin-
cent’s Convent, near Victoria
Station, the walls are enlivened
with Latin inscriptions rather
than sales graphs.

Attractive . secretaries tap
away at electric typewriters but
there is a strong sense of
decorum in the gaunt hall as
packets of the Papal Prayer pile
up in the corner. It is clear the
Church is sensitive to the early
razzamatazz image which it col-
lected by appointing Mark
McCormack's aggressive market-
ing company International Man-
agement Group which handles
international stars to help

"We maintained that, because
we were dealing with a unique
event from a commercial point

of view, we could not deal with
it internally,” said Fr Kevin
O'Connell, the quietly spoken
press officer. “We needed a firm
of proven worth in what was
a very specialist area."

He said the appointment had
focused a great deal of atten-
tion on the commercial aspects
of the visit which include the
licensing of approved products
to commemorare the tour.
There are already more than 50
different lines which will bear
the Papal Visit logo, and other
companies are still in negotia-
tion.

Top of the range will be a
£1.250 platinum plaque pro-
duced by a London company
but there will be something for
every price bracket. Tin button

badges will go on sale at 30p,
balloons at 50p upwards for a
packet of ten, the ubiquitous
tee-shirt for £3 and a host of
pendants and medallions.

Under the terms of the
agreements with the, approved
companies. 10 per cent of the
royalties will be split between
the Church which sets four-
fifths and International Man-
agement which takes the re-
maining one-fifth. The Church
is still cagey about how much
the sales will raise but it is
hoping that a television cassette
of the event will be particularly
lucrative.

1 1 i« counting on the sales tu
cover at least some of the cost
of the visit which has been put
unofficially at £fim.

for British
musicals

The cost of mounting a
musical in the West End these
days is unlikely to be less than
£300,000. Profitable shows like
Cars and Evita certainly cost
that, as will the import to Drury
Lane in May of the New York
hit rock version of The Pirates
oj Penzance.

The future of the British
musical — or at least any not
written by Tim Rice and
Andrew Lloyd Webber — could
therefore find a lifeline in the
sort of operation about to open
at the Young Vic. Robert Fox,
the West End's newest irapre-

A telephone
way to
the stars

Those with an interest in
astrology really should read the
FT every morning because
tucked away in the News Sum-
mary at the start of this month
were two lines: " Phone a horo-
scope service started: 01-246-
8000 ."

The number looked vaguely
familiar. The FT number is
ni-248-SuOO. only two digits
away. One of our operators (we
have 12 1 was asked " What
shout dial a horoscope? ” After
chatting around she said, “Yes,
we have had a numher of calls
already. What did you say the

sario (responsible for Anyone
For Denis?), is sponsoring a
musical version of Kit Williams'
Masquerade To the tune of
£30.000. The show is capitalised
at £47,500, the extra money
being found in the Young Vic’s
Ana Council subsidy and the
unseen cost s of keeping the
building open.

Starting from scratch, such a
venture on Shaftesbury Avenue
would have a larger cast (there
are 14 at the Y-oung Vic), a
larger orchestra, a larger
salaries bill and a lot more
frantic pre-publicity. - Fox
reckons this dressed-up work-
shop approach is “a good way
of doing things for all con-
cerned " and. if the show turns
out To be half-way good, he
promises to go the distance with
it in the West End.

The elements of Masquerade
are intriguing. The book has

number was ? ” She rang it
and called back. “I am Cancer,
you know. I'm out of sorts
and moody today."

Before this month one had to
read the popular tabloids each
day to find out about your
fortune. Now. just pick up the
'phone and listen to the delight-
ful comment: "You will have
heart trouble . . . but of the
romantic kind."

Diai-a -Horoscope (Its official
name is Starline) is a joint
venture between Woman maga-
zine and British Telecom.
Woman fin the voice of Betty
Hale. the. Managing Editor) pro-
vides an up-dated tape each day.

If you have the time and the
patience to listen to the other
1 1 months' birth signs, the voice
will tell you that by dialling
another number — it turned out
to be an answering machine in
Tunbridge "Wells-— Jiily Collins,

become something of a cult
since publication in 1979. selling
over lim copies. The author
buried a richly jeweller lS-carat
gold hare somewhere in the
English countryside and the
book — a sort of surreal adven-
ture story illustrated in a style
of luxuriant pop an with nods
in the backward direction of
Tenniel and Richard Doyle
invites readers to exion clues
from among the exotic text and
pictures.

This literary treasure hunr
baS put a strain on relationships
and ruined many a quiet week-
end throughout the land.
Families have been interviewed
on television whose sole
domestic leisure pursuit is that
of the golden hare. Before long,
no doubt, there will he books
about the symbolic meaning, not
just of Williams’ work, hut also
of the place it has taken in

Woman's consultant astrologer'
would provide you with an in-
depth 32-page computer print
out.

A week ago British Telecom
was still battling with its new
brainchild: *' You want" our
general manager. Starline
Service." After a few days trying
to reach him we ended up with
a department called "Circuit
Provision Control.”

They did not seem to know-
much about the conjunctions of
the planets either. "I think."
said the voice. " you need ' News
Flash — Public Relations.

Notices Can you imagine that
on a job application form?

Eventually a young woman
said that British Telecom was

in the business of making money.
“ We do sample-monitor the
calls, IF rhe horoscope service
proves popular we miirht extend
it regionally,"

people's lives.

The hare is to he played by
Roger Rees, fresh from his
Broadway triumph as Nicholas
Nickleby with the RSC. the
choreography is by Arlene
Phillips of Hot Gossip, the dir-
ector is Frank Dunlop of the
Young Vic. and the music and
lyrics are by Rod Argent,
formerly of a group called The
Zombies.

It all sounds quirky, offbeat
and rather attractive. And if
we are to have big new British
musicals that are not written by
Tim Rice and Andrew Lloyd
Webber. March 5 (the opening
night, after previews) promises
to be an important dale fur
artiils. investors and musical
theatre enthusiasts. Now. if you
will excuse me. I must return
to the book, the magnifying
glass, the maps, the slide-rule
and coppass.

The results look promising.
In the first week of operation in
the London telephone area
Starline clocked up 25.000 calls:
in the second the total was
■53.000. " We hope for 3m tn the
first year." said a spokesman. At
present we seem to be on
target. Leisure-Line in London
and Childrens* Line had 603.00U
and 245.000 calls respectively
last year.

But for the moment if you
live in Carlisle and need a sooth-
ing voice to say that today is
a good day for money matters,
you still have to dial 01-. . . .

Contributors:

Andrew Fisher
Mark Webster
Michael Coveney
Max Commander

TOMORROW: Department for
National Savings' monthly re-
port for January.

MONDAY: EEC Foreign Mini-
sters start two-day meeting in
Brussels, agenda includes Poland
and trade relations with U.S.
and Japan. Provisional figures
of retail sales for January. Com-
mons debates the Lloyd's Bill.
Petition to Chancellor of the
Exchequer against tobacco tax
increases.

TUESDAY: EEC political co-
operation meeting. Brussels.
Department of Employment pub-
lishes February - provisional
figures for unemployment and
unfilled vacancies. Three-day

Economic Diary

plenary session of EEC economic
and social, committee opens in
Brussels. Sir Keith Joseph,
Education and Science Secretary,
opens University and Industry-
exhibition, Clothworkers Hall.
Mincing Lane. Mr Norman
Tebbit, Employment Secretary,
addresses Industrial Society con-
ference on Industrial Relations
Bill. London.

WEDNESDAY: Department of
the Environment gives details of
new construction orders for
December. Short debate . in the
Lords on aid for the QA320 air-

bus. TUC general 1 council meets,
London. Oil, Gas. Petroleum and
Process' Plant- exh ibition opens.
Bloomsbury Centre (to February
26).

THURSDAY: Lord Carrington^
Foreign Secretary, arrives for
two-day .official visit to
Zimbabwe. . EEC Textiles
Council meeting, Brussels.
Department of Employment
gives January -final . .figures for
unemployment . and unfilled
vacancies; December figures for
employment in the production
industries; overtime and short-

time working in' manufacturing ;
industries during December; .
stoppages of work due tn Indus- l
trial disputes in . January. *
January' figures of new vehicle t
registrations. Energy trends; j
First report published by Insur- -
ance Ombudsman Bureati. ' ICI 1
annual results announced. - j

FRIDAY: Department of Indus- j
try publishes figures for sales :
and orders in the engineering i
industries during November; I
final -January . figures for car and
commercial vehicle production; !
fourth quarter provisional :
figures. for finished steel, con-
sumption ahd stock changes.

ii’

■r. .-

ii ; *

ii *’

• 1 V

i if

i !:*.

; u

; i :

• . is

\

i

16

Companies asd Markets

Financial Times Saturday February 20 1982

•- ' ' '..-ct

UK COMPANY NEWS

Lloyds jumps and boosts payout

ON THE back of strong world-
wide performance Lloyds Bank
pushed taxable profit for 19SI
sharply ahead -from £289.9m to
£3S5.6m with an advance of
£65.Sm to £2l0.9m coming in the
second half. Net total dividend
is being stepped up from 17-lp
to 21.375p by a 12.75? final.

The contribution from Lloyds
and Scottish, including the
period after the former associate
became a subsidiary, was up

from £7.4m to £2im overall, the
share of associates for the year
was slightly higher at £25.4tn
(£2<L5m).

On a current cost basis the
group's pre-tax total showed an
even greater percentage growth
at £247.7m, against f 164.5m.

Group operating profit climbed
from £280.5m to £391m though
there was a substantial rise in
the provision for bad and doubt-
ful debts to £85.7m (£67 .8m)
which Sir Jeremy Morse, the
chairman, says reflects the con-
tinuing difficult economic con-
ditions in many countries. How-
ever. the provisions by the parent
were down from £41.2tn to
£29. 6m.

The increase in operating
profit was also helped by better
control of costs and the decline
of sterling.

Stated earnings per £1 share
improved to 145.2p (llS_2p) basic
or 133.9p (lOS.6p) folly diluted,
after tax of £122.9m (£87.Sm).
Dividend costs were up at £38m
(£29.2m) but it was the once- far-
all special levy on banking
deposits this time of £58.6m that
left retained profits lower-down
from £172m to £157.2m.

■An analysis of operating sur-
plus shows that the international
contribution was up from 39 per

cent to 47 per cent: the parent
and its' UK subsidiaries advanced
to £235.4m (£192.5m) while

Lloyds Bank International
jumped to £1 38.7m (£69.9m) and
the National Bank of New
Zealand added £15-8m, compared
with £7.6m, but Lloyds Bank of
California dived from £l6.5m to
£l.lm.

The bank reports that despite
rile recessionary influences and
a fail in the avenge base rate
to 13.3 per cent from 16.3 per
cent in I960, profits from
domestic banking operations
were well maintained in real
terms. Earnings were helped by
higher volumes and improved
market share as both interest
bearing deposits and advances
showed growth in real terms and
current account -lodgments
increased with inflation,
from rile widening of the margin

Some' benefit was " obtained
between average base rate and
average deposit rate to 2.6 per
cent (2.1 per cent), and non-
ftmds-feased income rose
strongly. Firm control of -all
outgoings significantly reduced
the acceleration of costs experi-
enced in 1980, and the charge for
bad and doubtful debts in the UK
was at a lower level

International earnings, on an
historical costs basis, showed
a sigificaut increase which
included a surplus of £11.2m
(deficit £13.4m) on the transla-
tion into sterling of foreign cur-
rency working capital particu-
larly reflecting fee decline in
exchange rate. The principal
subsidiary, Lloyds Bank Inter-
national, increased pre-tax profit
to £ 120.6m (£64. 5m) in .1980.
Earnings benefited from the
greater volume of business.

Hugh Rovzladgw

Sir Jeremy Morse, Lloyd's Bank chairman, at yesterday’s
FTes conference when he explained, the factors behind the
bank's £110.5m jump In 1981 operating profits.

rigorous cost control and the
weaker pound; however, the
charge for bad and doubtful
debts. Increased significantly,
reflecting the higher volume of
lending and deteriorating world

conditions:

«

A surplus of £135m on revalua-
tion .of group premises during
the year has been added to
reserves.

The operating total is reported
after a charge of £15m (£ll.5m)
for the staff profit sharing
schemes. The bad and doubtful
debt provisions comprised
specific provisions, little changed

at £51.3m (152.6m). but more
than, doubled general provisions
of £34. 4m (£152m).

Net interest income after
these provisions increased' to
£945. 8m (£778. 6m) to which
other operating income added
£323.1m (£250.4m). Operating

expenses took £877. 9m (£748. 5m).

The pre-tax figure was after
interest costs on loan capital up
from.£15.1m to £30Bm- . .

At year-end, total deposits
stood at £25. 31b n (£18.12bn) and
advances at £2L32bn
(£14.S9bn). Shareholders’ funds
amounted to £L71bn. (£1.4bn).

See Lex

Retail divisions tonic for Telefusion

MAINTAINED improvement by-
the Trident retail division is the
main factor behind the increased
group profits of Telefusion. Pre-
tax profits rose from £95,000 to
£1.45m in the six months to the
end of October 1981. Turnover
of this radio, television and
electrical goods retailer and
hirer, improved from £35.2m to
£37.03tn, excluding VAT.
Trident Stores* share of the turn-
over increased from £14 .94m to
£16.63 m.

The interim dividend is raised
from 0.67 p to 0.74p — last year’s
total was l-6p.

Mr J. N. Wilkinson, the chair-
man. says that apart from the.
improvemerrt by Trident the
rental and contracting divisions
maintained profits during the
first six months and subsequent
video business has been particu-
larly encouraging.

He says current trading is
satisfactory and he continues to
view the future with confidence.

Trading profit rose from
£5.S4m to £624m before rent
received of £S4,000 (£94,000),

-interest - received -of- £170,000
(£139,00) and income from
investments amounting to
£15,000 (£16,000).

The pre-tax figure was struck
after interest -charges of £806.000
(£1.04m), depreciation £3 -83m
(£3.8m). equipment leasing
£265.000 (£159,000). auditors’

remuneration £39,000 (£35.000)
and directors’ emoluments of
£122.000 (£97,000).

Tax -was higher at £649.000
compared with £405,000. of -which
£564,000 (£328,000) came from
the UK. Attributable profits
emerged at £799,000 (£539.000).

Stated earnings per 5p share
have improved from L18p to
1.72p.

« comment

Telefnsion’s rise in interim pre-
tax profits was 46 per cent,
calculated on a 26-week basis.
The key is the performance of
the Trident retail division. Com-
plete reorganisation has finally
enabled it to escape from losses.
The computerised monitoring of
stocks has helped to increase

DIVIDENDS ANNOUNCED

Date

Corre-

Total

Total

Current

of spending

for

last

payment payment

div.

year

year

Adams and Gibbon

April 30

2.5

'4.13

3.75

Lloyds Bank

12.75

•April 2

9.6

2L38

17.1

Tace

Nil

_-

0.85

Nil-

095

Telefusion

int 0.74

April 6

0.67

—

1.6

Watsham’s

.int. 3.75

March 31

3.75

—

10

Scottish Ut*

:1.02

March 29

097*

1.6

L53*

Throgmrtn Secured

int 0.61

April 2

0.61

' —

2.58

Dividends shown pence per share net except where otherwise stated.

* Equivalent after . allowing for scrip issue, t On capital
Increased by rights and/or acquisition issues.

stock turnover substantially, The
resulting improvement in. cash
flow has allowed necessary
expenditure on VCR hardware
-and also -reductions in borrow-
ings. Although rental sales fell
slightly on a 26-week basis, the
swing from TV to VCR has
improved margins. A long
awaited delivery of videos from
Japan has allowed Telefusion to
meet demand and to increase
market share. Telefusion’s

Tace breaks even in second half

HEAVY pre-tax losses of £385,000
against profits of £301.000 were
incurred by Tace in the year to
September 30 1981. Sales were
down from £15.29m to £12 ,52m.
No dividends are being paid for
the year.

Mr J. H. M. Mackenzie, chair-
man of this manufacturer of
electronic, electrical and
mechanical control equipment,
says that although the sharp fall
in turnover in the early part of
the financial year levelled out
in the later months, a decrease
of no .less than IS per cent for
the year as a whole was incurred.

However, he says cost savings,
lower . interest charges — down
from £620.000 to £575.000— and
increased efficiency, enabled the
group to achieve a virtual break-
even in th esccond half, where
there was a modest pre-tax profit
of £1,000 compared with £15,000.

The group was involved in con-
siderable expenditure on closure
costs and redundancy payments.

including provisions in respect
of decisions being implemented
in the current year. In total, the
group’s shareholders’ assets
decreased by £1.03m for the year
as a whole, including £85.000 for
ACT not currently recoverable.

Mr Mackenzie says the cost of
survival was therefore heavy, but
the group has returned to profit-
ability in the first quarter -of the
current year.

In view of the year’s results,
the directors have decided not to
recommend a final dividend on
the ordinary shares, not the pay-
ment of the preferred ordinary
dividend for the half-year to
March 31 1982. In 1980 a total
of 0B5p was paid.

Commenting on the current
year, Mr Mackenzie says order
books are now showing some
signs of Increasing, and the
management accounts for the
first quarter indicate that lasses
have ceased and the group is now

trading at a more satisfactory
level of profitability. . '

He says tbe actions being taken
to reduce capital employed
should result in reduction^ in
borrowings and an improved
return in the longer term.

Trading profit for the. year fell
from £921,000 to IlflOiOOO. There
was a tax charge of £88,000 com-
pared witt £114,000 and. after
-adding outside shareholders'
interests of £17,000 (£34.000),
there was an attributable loss to
shareholders of £490.000 against
profits OF £153.000. Extraordinary
debits, after transfer of £366.000
from reserves, were £142,000
(£130,000). The total transfers
from reserves was -£632,000
against £62,000.

There was a stated loss per
lOp share of 7.76p against earn-
ings of 2.42p. On a CCA basis,
there was a pre-tax loss of
£561,000, and a loss per share of
I0.39p.

FNFC to expand consumer side

BY WILLIAM HALL. BANKING CORRESPONDENT

First National Finance Corpora-
tion's consumer -finance opera-
tion. First National Securities, is
to be substantially expanded.
The group of London and
Scottish clearing banks plus the
Bank of England providing sup-
port for the group, has agreed to
increase the consumer finance
operations' loan facilities from
£107.Sm to £140m for the 12
months ending April 7 1983.

Mr J. P. R. (Hyn. chairman of
FNFC. says in the group’s annual
report, that the consumer credit
division, which Increased its
trading profits to £S.9ra in the
year ended October 31 1981. has
a "sound capital base in relation
to its commitments and with its
consistently good record of profits
relative to assets employed it is
ready to embark on an expansion
of its business.”

Since FNFC was reorganised
in 1975 there has been consider-
able inflation but the growth of
the consumer finance operation,
which is based in Harrow and
has 29 branches, has been

limited because of the restric-
tions on the group’s borrowings.
Although borrowings from the
support group have remained
fairly constant, the volume of
new business in terms of trans-
actions, has declined each year.

To cater for the expansion.
FNFC, has arranged for larger
borrowings to be made available
by tbe support group and it says
these should be “adequate for
die forseeaWe additional
business ” during the current
year. The larger facilities will
be made available subject to-
agreement of the reorganisation
proposals now before tbe loan
.stockholders.

FNFC ran into financial diffi-
culties during the fringe banking
crisis of the mid-1970s and is
undergoing a second financial
reconstruction in order to avoid
being wound up. Details of the
reorganisation proposals have
been posted to shareholders
along with the annual report.

The letter to loan stock
holders notes the differences of

opinion about the position on
capital gains taxation. FNFC had
been advised that the substitu-
tion of the hew 12{ per cent con-
vertible unsecured loan stock
- 19S7. which it is proposed will
be issued by- First National
Securities (Holdings), does not
constitute a disposal of the 1982
stock ior the purposes of UK
capital gains tax.

The inland Revenue, when
asked to confirm this, expressed
contrary views. Consequently,
no assurance can be given that
1982-stockholders will be able to
obtain roll-over relief in respect
of the substitution of their
stock by the new stock.

Tbe annual report shows that
the size of FNFC S tax losses has
grown substantially and now
amounts to approximately
£105 ru.

The tax loss figures have been
restated to incorporate amounts
in subsidiaries not previously
included at October 31 1980 when'
die availability of losses was not
certain at that time.

Watsham’s midway increase

traditional interest in Cable TV
will boost profits when and if tbe
Home Office Indulges in Reagan-
style deregulation. Yesterday
the share price fell Ip from a
two year high to 52p, on a day
when other rental Shares
advanced. Assuming a
corresponding 10 per cent
increase in the final, the shares
yield about 5 per cent- Full year
pre-tax profit of about £3im i s on
the cards.

Cawdaw asks
for shares
suspension .

Directors of Cawdaw Indus-
trial Holdings, the textiles,
timber, furniture and engineer-
ing group, yesterday requested
the Stock Exchange to suspend
the group's shares “pending
clarifications of the company’s
position.”

The suspension price of the
shares was 13ip. placing a stock-
market value of the company of
£710.020.

In January, Cawdaw reported
pre-tax losses of £415,000 for the
half-year ending September
1981, ag ai nst losses of £549,000
in the comparable period a year
earlier.

-The company told share-
holders at the halfway stage that
** although the first half-year was
very disappointing. recent
management accounts Indicate a
reduction in the rate of loss.
Whilst the company is- in a
difficult financial position, the
board, with the support of its
clearing bankers in providing
overdraft facilities. Is continu-
ing to take positive steps to
reshape the group with a view
to a return to profitability." •

Receiver for
loss-maker
Ben Williams

THE receivers have been called
in at Ben Williams; the Basildon
(Essex) based clothing manu-
facturer, - which called a halt to
dealings in its shares earlier this
month. i

' A statement yesterday said
that following a request from
the board the National West-
minster Bank, the company’s
bankers, had appointed joint
receivers. They will keep the
business going “for the time
being in the hope of exploring
the possibility of finding a pur-
chaser.”

Williams has been hit by fall-
ing demand in the past two years.
Losses amounted to £145,000 in
1980, with turnover down from
£l-95m to £1.7m. In the first half
of 1981 there was a loss of
£27,910.

IMPROVED PRE-TAX profits
are reported by Watsham's for
the half-year to September 30
1981. with figures up from
£343,000 to £401,000. Turnover
of this manufacturer and
supplier of specialised products
in optical, telecommunications
and industrial safety industries,
fell however from £ 1.57m to
£1.46m.

The directors say the period
was an active one. The addition
of Optical and Electrical Coat-
ings has strengthened the com-
pany's optical division, and the
acquisition of Thames Valley
Medical in December has

similarly resulted in an enlarged
pharmaceutical and medical
division.

The strongly developed
systems of management, market-
ing and control now .cover ,
a comprehensive range of
industrial pharmaceutical and
medical products with com-
plementary locations providing
. a sound basis for nationwide
marketing, they say.

These developments have sub-
stantially enlarged the group’s
potential and it has achieved
this expansion while maintain-
ing a strong capital base and
cash resources, without need for

borrowing. The maintenance of
these strengths in an extremely
difficult economic climate is of
great importance and provides
a basis for- confidence in the
future. ■

Tax for the half-year took
£150,900 compared with £129,000.
After minorities of £23.000
(£28,000) and extraordinary
debits - of £24,000 (£19,000),

attributable profits' emerged at
£204,000 against £167,000.

Stated. earnings per 25p share
improved from 8p to 9jjp, and
the interim dividend is
unchanged at 3.75p— last ye axis
total was lOp

SPAIN

February 19
Banco 8Ubw ....

Banco Central

Banco Exterior

Banco Hispsno
Banco Ind. Cot. ..
Banco Sanomder .
Banco Urqulia .....

Banco V42caya

Banco Zaragoza ..

□ragados

Espanola Zinc .....

Focsa ....

Gal. Preciados .....

Kidr&Sa .........

Ibarduarn

Patrol ooa "...

Parroliber

Sogefisa

Telefonica ...........

Union Elect. ........

Price

% H
.... 336

354 -3

306

..... 318

115 .

.... ‘ 355 -1. .

234 -3

375

— 238

168 -4

85

80.5* -0.7

09.5

.... 65.7 -0.5

51.5 -0.5

99.5 .+1.0

::::: ”5

72

83.5 -1.2

BIDS AND DEALS

Doulton in talks to sell MaMgement
home improvements side

takes over
Mindev

Doulton ynrf Co, a division of
S. Pearson and Son. the publish-
ing, banking, oil .and entertain-
ment combine, is negotiating the
possible sale of its loss-making
specialised home improvement
activities to the Moben Group,
the kitchen and bedroom furni-
ture company.

It is also announced that Long-
man Group — part of Pearson.
Longman, the publishing sub-
sidiary of S. Pearson— is
acquiring part of the publishing
operation of Development Sys-
tems Corporation of the U.S.

The Doulton home improve-
ment activities form part of the
Doulton Glass Industries sub-
sidiary which showed a loss,
before tax of £LS5m in 1980,
compared with a record profit of
£4.6m in 1978.

The home improvement side
made good progress in the 1970s

but moved into losses in 1980
and, although no figures are
available, these losses increased
in the first half of 1981.

Hr Jon Bent-ham. the managing
director of Moben, said that the
business Moben wanted to
acquire had been founded by
himself and Mr Lenny Morris —
the Moben chairman — in 1967- in
their first venture together.

It was soid to Doulton in 1971,
but Mr Bentham and Mr Moms
continued to run the business
untfi 1978. when they went on
to start up Moben. Moben was
subsequently acquired In July
1979 by Kitchen Queen which
ran into difficulties in early
1980— less than two years after
coming to the market

The main part of . the Doulton
home improvement business is
Cold Shield double glazing which
has a turnover of some- £30m.
There is also a window frames

company, rising damp treatment
company and a home extension
division.

Mr- Bentham said -that the
business had been loss-making

for the past couple of years and.

he. hoped to bring it back to
profitability ** in tte not too
distant future." He said that
Moben made the first approach
to Douiton and he (hoped that
negotiations would be com-
pleted within a week.

Tbe sale of the DSC publish-
ing operation to Longman has
been approved by both com-
panies will be completed
after fi n a l accounting procedures.
The values of the net tangible
assets to be transferred are
es tima ted at completion to
amount to some $550,000.

DSC’s publishing operation
has been active in the business
and professional education
market.

A management buy-out has
been effected at Mindev Hold- ,
tags, parent of a group based in
Bolton which . manufactures

underground mining and steel

works, -machinery for supply to
the UK and overseas mining and
steel industries.

As a result the management
will control 5S per cent of the
ordinary capital and Scottish Off-
grace Investments will. take 20
per cent

The management of Mindev
Holdings has purchased 50,000 12
per cent convertible participat-
ing redeemable preference shares
from a company within the
Williams and Glyns Banking
Group for a total consideration
of £75,000. In addition it has
subscribed for 2,920 new ordinary
£1 shares for £11,000.

In conjunction with the
management Scottish Offshore
Investors has Subscribed for
18,065 ordinary Stares for i
£26,700. and has also invested 1
£225,000 in the wholly owned 1

Heavier losses at Wood Hall

THE AUSTRALIAN group
Elders XXL has posted the
formal offer documents for its
agreed £53.6m take-over of Wood
H all Trust the holding company
for a range of diversified in-
t ere sts including extensive
trading operations in Australia
and the Far East

The terms — 215p cash for
every ordinary share and 90p
cash for every preferred share —
are recommended -to Wood Hall’s
shareholders by their board, by
Samuel Montague; the company’s
advisers, and by Mr Michael
Richards who established the
company in 1947 and has been
its chairman for 35 years. The
offer is open until March 12.

Describing the Elders' bid as
“ fair and reasonable,” Mr

Richards indicates that the losses
expected for Wood Hall!s build-
ing group this year -are heavier
. than earlier estimates suggested.

He indicated in his chairman’s
statement for the year ended
Jane, 1981. that losses would re-
sult from- the discontinuation of
Wood Hall’s Fairweather South
subsidiary. ■

Provisions have already been
made for these losses, but the
board now believes the pro-
visions “ will prove to be inade-
quate.”

Since. June 30, 1981— Wood
Hail’s last audited balance sheet
date— “ borrowings mainly attri-
butable to Wood Had! Building
Group Limited for financing in-
creases in stocks and work in
progress of housing develop-

ments, and other borrowings of
Wood Hall and its .other UK sub-
sidiaries, hove increased from.
£14.Sm to £25.5m at January 31,
1982.” Net tangible assets at
June 30, 1981, are shown as
£49.9 or 183p per share.

The Elders’ document, put out
by Hill Samuel as advisers to the
bidder, says that a review will
he made of all the constituent
businesses in the group. Until
thf«i haw been done -“it is not
possible to make detailed plans ”
far their future.

Wood Hall’s shares, which have
attracted some buying interest in
the Far East in particular, since
the Elders’ dawn raid of Febru-
ary. 9. closed last night down lp.
at 210p. Elders now holds 29.99
per cent of -the equity.

Swire plans
scrip issue
and placing

AID acquiring MAS

-John Swire and Sons, the un-
quoted holding company for the
Hong Kong-based traders Swire
Group, is proposing a scrip issue
of two new 6.3 per cent £1
preference shares and one new
ordinary share for -every -two
ordinary shares held or, if further
clearance from the inland
Revenue -is obtained, for each
share held.

A Stock Exchange listing is
being sought for .the new
preference shares but there is
no- intention to seek a listing for
the ordinary shares.

When the preference shares
are listed, holders will be able
to participate in a placing with
institutional and other investors
—now being arranged with
Lazard Brothers — of any prefer-
ence shares they may wish to
sell in this way. .

It is also proposed that John
Swire and Sons become a private
company after the issues have
been made.

MALAKOFF SALE

The directors of Malakoff
Berhad have agreed to sell
Songei Buah division (Broome
Estate, comprising 860 acres) for
M$23m cash. This gives rise to
a surplus over book value of
some MS19m. .

The deal is subject to a formal
sale and purchase agreement to
be drawn upland to necessary
consents and approvals from
relevant auttorities-

The directors of Allied Inter-
national Designers Group have
conditionally signed to acquire
the capital of MAS Surrey Re-
search, for an initial considera-
tion of £300.000 to be satisfied by
£170,850 cash and the allotment
of 615.000 ordinary shares .of
AID. The latter will not rank
for any final dividend in respect
of the year ended October 31
19SL

MAS was founded in 1958 and
specialises in .large scale con-
sumer research. Its turnover for
the year ended October 31 1981
was £l.6m and profit before tax
came to £60.531. Net assets at
that date were- £205.768.

Application will be made for.
new shares to be traded on the

USM. The contract also pro-
vides far additional' considera-
tion to be paid in respect of the
accounting years ended October
31 1982, 1983 and 1984. In
respect of 1982 and 1983. 50 per
cent of MAS’s pre-tax profits will
be payable as deferred considera-
tion. At the end of the account-
ing year 1984, a further amount
will be payable equal to three
and a half times the average of
the profits before tax for the
three years ending October 31
1984. less £190,000 plus the
aggregate of the amounts paid in
respect of the accounting years
1982 and 1983. These payments
are to be made, at the vendor’s
option, m either cash, or shares
of AID. -

SHARE STAKES

Television Sooth West Hold-
ings— Harry Turner, director,
has bought 50,000 shares at 13.5p
per share.

Glanfield Lawrence — Midland
Bank Trust Company, acting on
behalf of Allied Hambro Capital
Trust, has acquired 125,000 “B”
ordinary shares (9.03 per cent).
London Assurance Nominees
has. disposed of entire share-
holding of 135,000* “B” ordinary
(9.75 per cent). R Lewis- Jones
has recently increased his
beneficial interest in the
ordinary shares 'from 33,000 to
44D00 (5 per cent).

Bardsey — M. O. W. Pearson
acquired further 100,000
ordinary on February 16 at
-14rirP: Total shareholding 2.9m
shares (9.81 per cent).

. Geenral Scottish Trust— Court-

aulds Pensions Common Invest-
ment fund has disposed of hold-
ing of 2.08m ordinary shares.

General asd Commercial
Investment Trust— As a - result
of a purchase of 235,000 ordinary
shares, Airways Pension Fund,
trustees holds 559,000 ordinary
shares (10.46 per cent).

Sangere Group — Paget
Agencies, on February 11 and
12, acquired 50,000 ordinary
shares and on February 16 a
further 25,000 shares; making its
total holding 1,433,186 ordinary
(15.11 per cent).

London and Strathclyde Trust
—Imperial Life Assurance of
Canada has acquired 989,999
ordinary units.. Total holding
3,147.999 ordinary units (2LS6
per cent). . . .

preference £1 shares at par.

It has also made available
£162,500 by way of a 15 per cent
secured loan stock. ,

Scottish Offshore Investors is a '
fund managed by James Finlay
Corporation, and specialising in
investments in companies in the
supply and service sector of the
offshore and onshore energy ■
industry.

INVESTMENT

TRUSTS DEAL

- Stewart Enterprise Investment )
has agreed to purchase certain
small quoted and unquoted share-
holdings, -amounting to some ,
£1.2 m. from Scottish American i
Investment in return for new
shares in Stewart, issued at asset
value.

This will increase the portfolio
of Stewart to approximately -
£S.6m, and will allow it to
acquire an interest in certain
companies which it otherwise
could not purchase.

After tiie transaction Scottish
American will have approxi-
mate? 25 per cent of Stewart,
and so have a significant invest-
ment in a smaller and more
specialised trust, while disposing
of some holdings that are too
small to suit its portfolio, which
is now over £W0m.

A circular setting out full
details of the proposals will be
sent, within the next two weeks,
to Stewart shareholders for their
approval. It is proposed that the
transfer should take place on the
basis of an independent valuation
at March 31 1982.

NEW SYLHET

The offer by Bon Marche Wine
(Shippers) for Ne_w Sylbct Tea
EDdgs. has beep accepted in
rqspect of 146,539 ordinary
(76.32 per cent) and 8,840 pre-
ference shares (73.66 per cent).

The - offer remains open to
February 26.

CHARLES HILL

Contracts have been ex-
changed for Charles Bill of
Bristol to;, acquire Cliffords
(Bristol) from its private share-
holders. Consideration is
£205.000 cash.

Cliffords was formed as an
investment company in 1945 to
acquire long leasehold interests
in properties in Bristol. Its
audited accounts for the period
to December 31 1981 show a loss
before tax, of £612, and net
assets of £208,095. In order to
establish the value of Cliffords’
properties, a professional valua-
tion has been incorporated in the
net asset figure.

Results due next week

Yesterday’s £385m profit from
Lloyds will probably give the
banking analysts confidence that
they have got their eye in for
this season's figures from the
d eaters. Estimates have tended
to creep upwards over the last
few weeks, and £45 Om before
tax (against 1410m) is now
thought to be about the measure
for National Westminster next
Tuesday. That. implies a reason-
able second-half recovery after
a £2Sm drop at the interim
stage. Better domestic banking
profits should be forthcoming on
the basis of more buoyant inflow
to current accounts and higher
loan demand. The higher aver-
age level of interest rates will
certainly have had a beneficial
impact. International business
should also be significantly
better in the -final six months
(having been down by around
a fifth at the half-way stage).

The publication early this
week of UK chemical production
figures, revealing a - sharp
decline in December, has made
some analysts slightly nervous
about their forecasts of fourth-
quarter profits from Imperial
Chemical Industries. However,
the increasing volume and price
trends seen in the third quarter
should have continued in the
fourth, helping to <mstain the
group’s rapid profit recovery.
The decline in sterling against
European currencies, especially
the D-mark, was also important
I Cl reports on Thursday and

pre-tax profits for the final
quarter might be a little over
£100m compared .with £88m in
the- third quarter, £83m in the
second and only £7m in last
year’s disastrous fourth quarter.
This suggests profits of -about
£325m for the full year com-
pared with £284m. The second
interim dividend is expected to
be partially restored to 9p,
making 18p for the year com-
pared with 17p.

Commercial Union will un-
doubtedly turn in lower profits
for the fourth year running,
when it reports next Tuesday.
Tbe more bearish end of the
market is expecting • a pre-tax
profit of about £60m, compared
with- £103m in 1980 and £142m
in 1978. (The middle view is
for. just over £70m- before tax).
There will have been worse
underwriting losses tn the UK
commercial categories, and a
deterioration in U.S. underwrit-
ing performance could result in
a loss of as much as $170m.
Altogether, underwriting losses
stand to reach around £140m.
covered by investment income
of about £190m. Profits on life
business (and in associates)
makes up the balance of £20m
or so. In tbe circumstances a
maintained final — making 11.25p
in all— would be -covered, if not
with much to spare. Analysts
are more worried," on the whole,
about the dividend for 1982,
when - most of them expect CU

Announce- -

Dividend (p)*

Company

ment

Leal year

Thlsyi

Final dividends

due » •

Int.

Final

tut

Abbey Panels Investments

Monday

113

0.75 .

1.3

Al Industrial Products

Friday

* M

O.OI

Angio-lnMmettdnel'Inv. .Trust .... —

Monday

2.0

3.0

-2.0-

Aquis Securities

Tuesday

03

0.6

0.3

Baynes (Charles)

, mmmm

Monday

0.2

0.425

0.25-

Cardinal Investment Trust

.....

Thursday .

1.E5

2.B5

1.05

Comrigun Viyalla

Wednesday

Child Health Research Inv. Trust

Wednesday

—

_

Commercial Union Aseungnee

Tuesday

4.4

8.4 -

4-85

English & Scottish Investors

Monday

O.B

1.2

0.7S

First Scottish- American Trust.

iee.e

Tuesday

1.3

3.25

1.3

Grind lays Holdings

Tuesday •

1.25

2.875

1.25

Hoover

Wednesday

4.0

2.Q

Impanel Chemical Industries

Thursday

12.0

5.0

9.0

Investing In Success Equities

Tuesday

1.2

3.7

1.2

Jones (Ernest) Jewellers

... ..

Tuesday

T.4

2.5

1.4

Marthvrei!

Wednesday

SL4

3.6

2.4

Mmreide Trust

Wednesday

1.0

2.5

1.0

National Westminster Bank

Tuesday

8.75

12J5

.9.625

Nottingham Manufacturing

Monday

1.0

3.0

1.1

Romney Trti3t

Monday

1.3

3.1

1.3

St. Andrew Trust

Thursday

2.5

3.8

2.5

Vanmno Group

Tuesday

3.0

5.0

3.0

to slide still further, • The imme-
diate figures are of less interest
than sdme -indication- - that
operating expenses are under
control in the U.S. •

Losses of around £4.5m are
anticipated when Carrington
VlyeDa reports its, year end
figures on Wednesday. In 1980
the company, lost £&3m pre-tax,
and rationalisation should
account for much of the improve-
ment But factory closures, with
the workforce cut by over a
quarter, will be reflected in sub-
stantial below the line losses.
The biggest turnaround has been
in the carpet business, which
should have at least broken even.
But Carrington is still right in
the firing line of low-cost
imports. The £5m received from
the sale of its profitable "South
African subsidiary will --have
reduced borrowings. Some un-
certainty about the figures to be
announced is based on whether
or not what remains in South
Africa! has been deconsolidated.

When the tight ship of
Nottingham Manufacturing mils
into port with its ftiU year
figures on Monday, around £17m
ip pre-tax profits is expected.
This would-be a record, and
compares with last year’s £15m.
Over £4m of the anticipated
profits should come from invest-
ment income from the company’s
cash mountain, which stood at
over £4fim last year-end. Benefits
have come from Marks and
{Spencer's concentration on its

Company

Ward Holdings

Wastwoad Dswbs

major suppliers. Much of the
hope for this year depends on
M and S allowing those suppliers
more leeway on margins. The
acquisition of carpet manufac-
turers Homfray last month,
shows Nottingham's willingness
to take on the cut-throat com-
petition in the high volume
tufted carpet market.

Another Marks and Spencer
textile supplier, Vantona, reports
its figures for the year on Tues-
day. In the year to- November
1980 It made £4.3m pre-tax.

Plessey reports third .quarter
figures on Thursday and analysts
are extracting the group to rein-
force its growth status with
another solid performance. Pre-
tax profits should be up about
20 per cent to £26m for the quar-
ter, making over £77m for the
nine months compared to £60.6m.
Private and defence tele-
communications systems are
thought to have done especially
well and the strong order intake
has continued. One uncertainty
is whether.or not the rationalisa-
tion costs at the office systems
plant at Beeston will be taken
above the line.

Among other results due next
week are preliminary figures
from Grind] ays Holdings on
Tuesday and Hoover and March-
wiel on Wednesday. Also on
Wednesday. Harrison Malaysian
Estates is, reporting interim
figures while . Johnson Watthey
and Wedgwood publish third
quarter results.

INTERIM DIVIDBID8

BPM Holdings .

Elsco Holdings

Footwsar Industry Investments
Herrlsone Malaysian Estates

Jos Holdings

Pfausy

Tor Investment Trust

Announced

mint

due

Thursday

Wednesday

Wednesday

Thursday

Wednesday

Monday

TYiuredayl

Thursday

Dividend (»)•

La*t yoor This year
Jnt.
1.19

Int

Final

1.18

3.01

1.58125

4,19375

1.0

2,4

1.64

3.4

2.6

8.5t

1.075

2.3S -

a.2s

4.411

2.8

6.3

tttmtlM FIGURES

Celtic Haven :

Johnson Matchey "

-Ratnar Textiles-

Scottish Investment Trust

Wedgwood ;

.... Friday
— Wednesday*
.... Thursday
.... Thursday*
Wednesdays

• "DWWends we shown net pane* per share and adjusted lor any 1m

rf&l&n a J d ^ d , J oT 3 °p bSFSSXJS?™

figures. 9 H ™ * nd Cro3fi * ,d * Flratqusrter figures, t Third

*

fj

Financial Times Saturday February 20 1982
CoBirafiies. and Marfets— 7---

17

NEWS

Kennedy

Brookes

on target a year

I LINE with midterm' predie- ,V

IN LINE with midterm' predic-
tions of more than £200,000; pre-
tax profits of Kennedy Brookes
more than doubled to £267,253
for the year to October 25' 1981,
against -£128,795 . previously.
Turnover of this catering group
climbed from £L28m to £3.7m.

As forecast is August, a' final
dividend of 0.7p .set- per. lOp
share makes a total payment of
L05p. The company’s shares are
traded on the Unlisted Securi-
ties Market!

There is again no tax payable
for. the .year. While an. extra-
ordinary credit of £19.053 (nil)
results in net available profits
up from £128,795 to £286,306.
Earnings per 10p - share are
given at.15.17p (14.52p).

Pre-tax figures were after
charging depreciation of
£199,922 (£46,496). directors'

remuneration £55,500 (£23,000),
interest on short-term loans and
overdrafts £102,816 (£66.054),'

auditors' remuneration £9,000
(03,000), and hire of equipment
£36^85 (£7.680).

The company says, that details
of proposed changes to the
articles of association, a senior
executives share option scheme,
a Save-As-You-Earn employee
share scheme and details of
concessionary rates for share-
holders at the group’s
restaurants, will be despatched
with the report and accounts.

Lower interest charges
benefit Adams & Gibbon

A REDUCTION of almost 50 per.
cent m interest charges, from
£662,000 to £339,000, has enabled
Adams and Gibbon, garage
proprietor, motor dealer and
motor engineer, to increase pre-
tax profits from £185,000 to
£227,000 for the year ended
November 30 1981. First-half
taxable figures were marginally '
ahead at £123,000, against
£ 121 , 000 .

The board comments that the
modest increase in profitability
has arisen from the group’s
efforts to reduce borrowing costs
and to bring working capitalisa-
tion into line with reduced levels
of trading activity, together with
strict control of operating costs.

The continued intensity of the
recession .greatly restricted
vehicle sales in the autumn
quarter.

Turnover for the 12 months'
fell from £25.77m to £22.6lm,
while net profits- dropped by
'£22,000 to £235,00D after lower
tax credits of £8,000 (£72,000).

Comparative profits have been
restated. It is pointed out that a
change in accounting policy
affecting stock valuation has
given rise to a prior year
adjustment.

The year's dividend is being
raised from 3.75p net to 4.X25p

BASE LENDING RATES

A.B.N. Bank 14 %

Allied Irish Bank 14 %

American Express Bk. 14 %

Amro Bank 14 %

Henry Ansbat^ier 14 %

Arbuthnot Latham ... 14 %
Associates Cap. Corp.-14 %

Banco de Bilbao 14 %

BCCI 14 %

Bank Hapoalkn BM ... 14 %
Bank Leumi (UK) pic 14 %

Bank of Cyprus 14 %

Bank Sireet Sec. Ltd. 15$ %

Bank of N.S.W 14 %

Banque Beige Ltd. . ... 14 %
Banque du Rhone et de
la Tami6e S.A. ....... 14$%

Barclays Bank 14 %

Beneficial Trust Ltd. ..: 15 %
Breniar Holdings Ltd, 15 %
Bristol & West Invest. 15 %
Brit Bank of Mid. East 14 %

i Brown Shipley 14$%

Canada Permt Trust... 14$%
Castle Court Trust Ltd. 14$%
Cavendish G'ty T*st Ltd. 15$%

Cayzer Ltd 14$%

Cedar Holdings ■ 14%

l Charterhouse JapheL.. 14 %

Choulartons 14$%

Citibank Savings 914 %

Clydesdale Bank 14 %

C. E. Coates 14$%

Consolidated Credits... 14 %

Co-operative Bank *14 %

Corinthian Secs. 14 %

The Cyprus Popular Bk. 14 %

Duncan Lawrie 14 %

Eagil Trust 14 %

E.T. Trust • 14 %

Exeter Trust Ltd. : 15 %

First NoL Fin. Corp.... 17 %
First Nat. Secs. Ltd. ... 17 %

Robert Fraser 14 %

Grindlays Hanfe .$14' %

Guinness Mahon ...... 14 %

Hambros Bank.- 14 %

Heritable & Gen. Trust 14 %
Hill Samuel .514 %

C. Hoare * Co :....tl4 1

Hongkong & Shanghai 14 %
Kn owsley t Co. Ltd.... 14$%
Lloyds Bank 14 %

Mallinhall -Limited ... 14 %
Edward Manson & Co. 15:%

Midland Bank 14 %

Samuel Montagu 14 %
Morgan Grenfell 14 %
National Westminster 14 %
Norwich General Trust 14 %
P. S. Refson & Co. ... 14 %
Roxburghe Guarantee 14$%

E. S. Schwab 14 %

Slavenburg’s Bank ... 14 %
Standard Chartered ...||14 %

Trade Dev. Bank 14 %

Trustee Savings Bank 14 %

TCB Ltd. 14 %

United Bank of Kuwait 14 %
Whiteaway Laidlaw ... 14$%
Williams & Glyn’s ... 14 %
Win trust Secs. Ltd. ... 14 %

Yorkshire Bank 14 %

| Members of the Accepting Houses
Committse. » •

7-day deposits 11.50%. 1 -month
11.75%. Short ' term £8.000/12
month 14-10%.

7-day deposits on sums of.' — under
CTO, OOO n •»%. €10.000 up to

£ 5 0. 0 00 I2ti%. £50.000 and over
12$%. ■

Call deposits £1,000 end over
11**%.

21-day deposits over. £1,000 13%
Demand 'deposits 12%.

Mortgage base rate.

M. J. H. Nightingale & Co. Limited

27/28 Lovat Lane London EC3R 86B Telephone 01-621 1212

1881-82

High Low Company

124 100 ABI Hldgs. lOpc CULS

75 62 AifSPrung

Si 33 Armitago & Rhodes

2 06 187 Burden Hill

104 71 Deborah Services

130 97 Frank Horwll

83 M Frederick Parker

78 48 George Blair ■■■•

102 93 Ind. Precision Castings

108 100 lais Conv. P»l

113 54 Jackson Group

130 108 James Burrough

334 250 Robert Jenkins

P/E-

Gross Yield Fully
Price Change div.(p) % Actual taxed

59

61

Scruttons ”A'' —

222

161

Torday & Carlisle ......

15

10

Twinlock Ord

80

66

Twlnlock ISpc ULS

44

?6

Umioch Holdings ......

103

73

WsIjot Alexander

123

+ 1

10.0

8.1

—

70

4.7

6.7

11.1

■ 15.4

43

-

4.3

70.0

3.6

8.1

202

__

9.7

4.8

9.8

12.0

71 .

- 1

6.0

8.5

3.5

6.7

130

6.4

4.9

11.7

24.1

83

’ -~*

6.4'

7.7

4.2

B.1

51

—

.

—

——

96

.7.3

7.7

6.8

•103

106

_

15.7

14,8

— •

—

36

_

7.0

7A

3.0

8.7

112

8.7

.7.8

8.2

103

250

_

31.3

123

3.5

8.8

58

5.3

9.1

8.9

- S3'

161

- 1

10.7

06-

i ■ 5.2 .

3S ’

13**

—

—

«"*

«—

77

_

15.0

19.5:

■ —

26

3.0

11. V

4J

■ 73

75

+ 1

6A

B£

49

8.7 -

226

13.1.

5-3

A3

8.7.

W. S. Yeatee

Prices now available on Prestel page .48146.

sees 1982 as

1982 IS a year of investment for
Granada Group, which’ will show
a return in furozt yearsi says Mr
Ales Bernstein, the chairman, in
his -annual statement. "Capital
investment in the year ended
September. 26 l&tt, amounted to
£110nu .. .

Group . pretax: -profits ■ -for
19804*1 rose by IS per cent from
£42 .49m to £48aim r -as reported
December 20. Despite the con-
siderable problems -caused by
the recession, all group com-
panies increased profits, except
Granada Uotorway Services,
Which, faced.- -a reduction rn
motoring caused by exceptional
price .uacreases. in petrol: •

While the recession lasts it
will continue - to affect... the
group's businesses, states. Mr
Bernstein, : particularly those
dependent on consumer spend-
ing, such as bingo social dubs
and motorway service areas.
But, be says, all companies are
in a position to take advantage
of any upturn in the economy.

In its current ’'financial year,
Granada is’ making' a contribu-
tion of £5.7m to the cost of the
Fourth Channel, Which will Only
come- on the air in -'November
1982, early - in the group’s
following ' financial year. The
investment' - in' . the Fourth
Channel represents one of the
heaviest Items of additional

expenditure, which TTV com-
panies- are’ required to carry
under the terms of their new
cod tracts started on' January 1
2982.

Other costs tadtode % contri-
bution - towards a- greatly
increased rental to the Indepen-
dent Broadcasting Authority for
its transmitter., services -and to
cover the . costs . of . the
Authority’s supervisory rate in
the ITV system.

Hr - Bernstein . says it has
become clear that the apportion-
ment of these costs between the
ITV companies depends more on
the profitability of each com-
pany than on the size of its axes
and its advertising potential.’
“We have made representations,
to the IBA in the past that we
have borne a dispro portionate
share of the industry's costs and
now,- with the prospects of such
heavy, increases in- the payments
to the Authority, we are once
again concerned that we are
bearing an unfair share of these
additional costs..

■**.1116 capacity of the ITV com-
panies to meet suen heavy finan-
cial - burdens,- maintain the
quality of their service and
achieve a reasonable profit, will
obviously depend primarily on
the resilience of the- demand for
television advertising.- This lias
held up remarkably well so far,.

but the outlook for next year is
difficult to predict,” he> states.

■ When tiie Fourth Channel
opens Granada wfli, of course,
have the- benefit of its advertis-
ing revenue in the group’s
region. ' '. The' chairman says
Granada- confidently believes
that the new service will make

a worthwhile additional contri-
bution to British television and
that ft will get a good response
from viewers. “ We have already
taken -the lead in interesting
advertisers: in the new oppor-
tunities. it can offer them”

The group is also making a
very major investment in the
purchase of video recorders for
its rental businesses, both in the
UK and- overseas. It is In the
nature of a rental business that
the installation of equipment
pays off In the later years of a
rental contract, btrt Granada is
sure that the investment is a
good one and will give a satis-
factory return;' particularly since
the advanced technology
employed- ‘m the group’s
machines should ensure that
they have a reasonable life, Mr
Bernstein states. He remains
confident that video will have an
increasing impact on Granada
during the -eighties.

Meeting. 36, Golden Square,
WC, March 15, EL30 pm •

per 25p share, with an increased
final of 2B75p (2.5p). - *

Trading conditions have not
eased . in any significant way
during the year and- the board
feels that the defensive policies
adopted have proved justified in
that the group continued to
avoid any severe loss-making
situations.

The board now feels more
optimistic for Jhe future of the
passenger' car activities as the
General Motors range appears to
be heading' for a larger market
share^ , -

However, some stimulation of
the national 1 economy is needed
before lie whole group can begin
to recover the lost ground of the
past two years..

Until 'this occurs, the board is
increasing .efforts fp improve
efficiency with... particular
emphasis oh vehicle sales depart-
ments. . .

GRIQUALAND EX.

Acceptances- -.have been , re-
cexvfed In .-respect W .MSS per -
cent of the 8.9m shares ,of
Grlqualand. Exploration and
Finance offered in a rights issue
at R2 per 'Share. The remaining
284,450 Bhares have been taken
up by- the underwriter. General
Mining Union Corp.

Copperbelt mines
need fresh funds

BY KENNETH MARSTON. MINING EDITOR

THE circular giving fun details
of the proposed merger of
Zambia’s two major copper
groups. Roan Consolidated Mines
(RCM) and Nchanga Con-
solidated Copper Mines (NCCM)
points out that in the absence
of material increases in copper
and., cobalt prices .the new
company, EamMa Consolidated
Copper Mines . (ZCCMj wOl
initially experience major cash
shortages. .

There will tiros be the need
for further borrowings to main-
tain' the existing and planned
levels Of production. The Bank
of Zambia has agreed -to advance
funds up to March 31 next year
to meet any shortfall after
facilities from the commercial
banks have been used.

Like most other copper
producers, both RCM and
NCCM are operating at a loss
and this, is expected to continue
in the final quarter of their
financial year to March - 31.
Neither company expects to pay
any dividend for the year.

Despite all the present difficul-
ties, which Include a shortage of
skilled labour, the Copperbelt
mines have a good long-term
potentiaL Fully and partially
developed ore reserves at the
RCM properties were estimated
at March 31 last to amount to
55.9m tonnes grading 2.S4 per
cent copper, including 4.ym
tonnes of. ore containing 0.S1 per
cent cobalt

In addition, it is reckoned that
there are indicated and potential
reserves capable of development
which' at current mining rates
will last for at least 25 years.

NCCM fully and partially
developed ore reserves are esti-
mated at 57.7m tonnes grading
a good 3.83 per cent copper,
including 23.5m tonnes contain-
ing 0.17 per cent cobalt Indi-
cated and potential reserves are
expected to last for ait least 40
years.

As already announced the
merger terms involve a capital
reconstruction of RCM whereby
holders of existing “A” and ‘B”
shares of K4 (242p) will end up
with one share of K10 for each
share of K4 now held.

RCM will acquire NCCM by
the issue of 31m new “A” shares
of K10 to the Zambian Govern-
ment holding company. Zambia
Industrial and Mining Corpora-
tion (Zimeo) and 20.6m *3”
shares of K10 to Zambia Copper
Investments in. return for their
holdings of NCCM.

FoUowiDg the arrangements
the new Zambia Consolidated
Copper Mines will be 603 per
ceot-owned by Zimeo with Amax
holding 6,9 per ceat and Zambia
Copper Investments with 27.3 per
cent. The rest will be in the
hands of public investors.

In London yesterday Roan
Consolidated Mines' were 60p and
Zambia Copper Investments 20p.

EUROPEAN OPTIONS EXCHANGE

Series |

Feb.

VW. | Last

M

Vol.

ay

Last

Aug.

Vol. | Last

Stock

GOLD C S375]

.

54

19,50

6

33 B\

$369.60

GOLD C MOO]

—

7

U

88

83

GOLD P S350|

-L.

.138

7.70

GOLD P . . 8376]

148.

5.60 -

■ B

16 B

13

22

GOLD P S4O0

14

31

‘ 15

54

305

56.60

GOLD p S425]

3

56 A

7

S4

3

. 54

■ I-

GOLO-P.. S460{
18^4 NL at 87-91

.. — ...

' - *

81

—

fP

C F.102.50]

8

6

F.108

c f.ios!

55

a jo

C F. 107.601

54

0.40

— ■

—

175

1.80

C F.llOj

—

—

190

0.70

p F.107^01
12 NLB1 85-BS

6

0^0

M

C F.10Z.50I
10*4 Nt 80 86-95

146

1.10

60 | 130 | - I - 1P.103.70

C F.97.301 501.SC

61

2J30

—

FJ9.40

. C F.lOOj

—

—

—

80

1.40

IP

April

July

Oot.

5.80

1AO

S

0.80

0.S0

1.40

6.10

230

0.80

0.70

2.00

7.50
1J50

3

9Ai

4.80

4.10

2

0,60

0.80

3.50
0.60
0.20
0.30 j
2.60
3.50

10

3

32

SB

13

6

16

30

3

ip

9

so

6

BO

141

819

BO

25

—

—

3

“

1.50 A

_

—

0.80

—

—

2

7

3 A

1.SO

~

9

6

3

412
10 AO

6.10.

—

—

.2 AO

—

—

LTD

70

2.50

S

- 3

I

6

2 AO

9

5

9

15.50

—

4 AO A

.

SAO

18

3.

1.10

255

1.60

OAO

100

0.70

1AO

10

2,10

1AO

-

_

-

— -

4.50

I

4.70

—

—

FA74

FA^SO

99

F.48.50
F. 5 1.70

.60

r „

F.121

F.icib

F.24

May

sao • —

DM.130' 4 0J0 | — ' - i

550 5 l«j - • .

DM.130f 4 17 i — < — !

DM. 1401 17 8

DM.1501 — I —

TOTAL VOLUME IN CONTRACTS: 4688

A = Asked B=BW CMM1

Aug.

10 ; . 2l4«19i 2

- « - rDMlSS.ffl)

l - .54912

- — | DM. 148

15 | 11

F=Put

SUMMARY WEEK’S COMPANY NEWS

Take-over bids and deals

The next round in tile takeover battle for Associated Com-
munications Corporation is awaited following Bell Group's stated
intention to match Heron Corporation's £46.6nj. bid and the
latter's riposte on Thursday upping the stakes to £49-4m, or 90p
per share;. Meanwhile, Heron’s legal bid to stop ACC directors
transferring their shares to Mr Holmes k Court goes on.

Dealings art the shares of CCP North Sea were suspended
at J.45p on Monday following a surprise bid approach. CCP is
dealt in the Unlisted Securities Market and Cluff Oil holds a
29.4 per cent stake; .the latter denied that it had made the
apM Tweh-

- Talks between Staria Holdings and Laganvale 'Estate broke
down after the latter decided to withdraw its recommendation
of Simla's offer. In the discussions, the directors of Lagsnvale
indicated - that Sturla’s profit, forecast did not meet certain

PRELIMINARY RESULTS

■ -Value of Price Value

Company ■•- bid per Market before of bid
bid for ■ ' share** price** bid £m’s**

Bidder

Prices In pane* unlaw otherwise indicated.

Assoc. Co mms. ‘A’

Assoc. Comms.’A’

Callender (G. M-)

Colonial Secs.

C-rodalot. .

CrodaDfd.

Grant Bros.

Heron Motor Grp.

Holden (A.)

Huntley & Pi mr.

LeadenhlL String.

New Sylhet
Nonnand ElectrL
Oldham Brew.

Speedwell Gear
Case

Ward (T.W.)Sl

Wood Hall Trust

* All cash offer, t Cash alternative, t Partial bid. $ For capital
not already held. *• Based on 19/2/82. tt At suspension.
tt Estimated. §§ Shares and cash. If Unconditional.

63*

81

52tt

35.S

Bell Group

90 •

81

73

46.13

Heron Corp,

8S*-

82

56

5.78

Colas Prods.

72

68

• 54tt

9.02

Utd. Newspapers

70*t

80

43$

628

Burnish Oil

37 *§

52

21

3.90

Burm&h Oil

190*

186

179

2.28

Jade point

34*3

33

23

4-33

Heron Corp-

180*

182 *

158

1282

ia

105S$

110

10S

57.36

Rwntree. Mkntsh.

125* t

120

65tt

5.62

Hays

200*

220

225

0-3s

Bon Marche Lise

54$§§

51

41tf

4-90

Henderson (P. C.)

164

157

91

23.62

Boddingtons

13* .

14

23

14.4

Astra Ind.

225t

232

144

13L31RTZ

215*

210

156

52.74

Elders IXL

Company

Year

to

' Pre-tax profit
(£000)

Earnings* Dividends*
per share (pi

Alexanders Hldgs.

Sept.

152

(418)

0.6

(2.9t

—

(—1

Bath & Portland

OcL

2.S00

(1.4S0)

10.0

(6.3)

4.5

(2.01

Binnid Qua! cast

Oct.

1,640

(225)

1.5

(— )

1.5

(15)

Brooke Tool Eng.

SepL

115L

1641)

(S.l)

0.75

1 3.31

Community Radio

Sept

291

(3S)

4.4

(33.6)

7.5

(15.0)

Crest Inti.

Dec.

607

(16)

1.1

(0.5)

—

l— 1

DAD.Props.

Dec.

466*

(419)*

1.9

(1.8)

1.8

(153)

Drake & Scull

OcL

3.600

(2,170)

10.4

(6.2)

3.0

(2.75)

Foreign & Col.

Dec.

S.S40

(7,770)

2.1

(1.9)

2.04

(1.85)

Gillette Bros. .

Dec.

23lt

(675) r

8.5* (21.1 )t S.75

(17.7)

Goode Dnrrant

OcL

2^00

(1,790)

6^

(LS)

0.88

(0.75)

Badland (John)

Dec.

159

(514)

4.0

(12.8)

2-52

(— )

Howard Machine

OcL

7S

(5500)L —

(— )

—

(-)

Metal Bulletin

Dec.

915

(782)

9.9

(8.8)

5.5

(5.0)

Newbold St Brtn.

Dec.

420

(347)

6.6

(5.S)

3.78

(3.7S)

Parker (F.)

Sept.

3,100

(692)L 19.7

(2.3)

4.3

(1.2)

Plastic Constrtn.

SepL

183

(415)

4.1

(5.5)

2.1

12.67)

Wagon Finance

Dec.

860

(1,270)

1.8

(2.4)

2.31

(2.31)

WhlttinghamfW)

OcL

2,960

(2£50)

40.5

(32.0)

7.0

(6.75)

INTERIM STATEMENTS

Company

Half-year

to

Pre-tax profit
(£ 000 )

interim dividends*
per share (p)

Offers for sale.placings and introductions

Adamite— Private placing of £850,000 120 per cent cumulative
preference shares of lOp each at lOOp per share.

Energy Finance and General Trust — Is raising £L65m gross by
way of a rights issue on the basis of one for two at 40p per
Share.

First Castle Electronics— Is raising £2.56m gross by way of a one-
for-one rights issue at 30p per share.

Lee Valley Water-— Offer for sale by tender of £5m of 9$ per cent
redeemable preference stock, 1989, at a minimum price of
£99 per cent

Apex Properties
Ariel Industries
Baldwin (H)

Copson (F.)

DaJgety
Elblef
Equips

Parkfield Fn dries.

RansomefWm)

Rat cl iff e Inds.

Reliance Knit
Scot & Mercantile
Utd- Real Prop.

Webb (Joseph)

Young (H)

(Dividends in parentheses are for corresponding period.)

• Dividends shown net except where otherwise stated. » Profits
after tax and a transfer from contingencies. * In I£. L Loss.

SepL

347

i363)

07

(0.7)

SepL

4SL

(56)

0.54

(054)

Oct.

94L

<156)L

— ■

OcL

61

(58)

—

<— >

Dec.

19.600

(16,200)

no

(11.0)

OcL

136

(133)

0.39

(0.301

Oct.

250

(217)

1.1

1 — )

OcL

' 15'

(111)

0.35

(0.35)

SepL

154

(15S)

1.5

(1.5)

OcL

S3L

<90)L

—

<—■

OcL '

110

(30)

0.77

(0.77)

SepL

269

(5091

2.5

(—1

OcL

S59

(S2S)

1.25

(1.25)

Sept.

240

(271)

0.13

(012)

Nov.

40L

(25)

—

(— I

Scrip Issue

Alexanders Holdings— One ordinary for every io ordinary or
ordinary.

APPOINTMENTS

Financial director for
Automotive Products

Hr Robert C. Tomkinson has
been ao^Mnted financial dtre-tar
of AUTOMOTIVE PRODUCTS,
based at group headquarters in
Leamington Spa, Warwickshire.
He was formerly financial direc-
tor of Intercontinental Fuels and
will report directly to AP chief
executive Mr George Pears.

Hr John Hall - has been
appointed finance director for
the NORFOLK CAPITAL HOTEL
GROUP- He was formerly
financial controller with Spink
and Sons, fine art dealers.

Mr Roger Sykes has been
appointed managing director of
ALCAN SAFETY GLASS Leeds.
He takes over from Mr Michael
Hamilton who has been promoted
to managing director of Alcan
Foils, Wembley. Mr Sjrfces was

formerly general sales manager
of Alcan Extrusions.

+

Mr A. J. Wadsworth, at present
a divisional advances control ter,
MIDLAND BANK has been
appointed an assistant general
manager, with special responsi-
bility within group treasury.

■it

Mr DDIwyn Miles, a former
member of the Pembrokeshire
County Council, has been
re-elected chairman of the
NATIONAL ASSOCIATION OF
LOCAL COUNCILS. Mr Peter
MacGregor has been re-elected
vice-chairman. ^

Mr Jeffrey B. Morford
has joined CON TINENTAL
ILLINOIS INTERNATIONAL
INVESTMENT CORPORATION
as investment officer with the

CONTRACTS

British Airtours wins
£llm holiday package

BRITISH AIRTOURS has won a
contract worth film to carry in-
clusive holiday passengers for
OSL/Viking to destinations in
Europe this summer. The con-
tract was previously with Laker
Airways. It involves about
160,000 passengers and the desti-'
nations, which include Athens,
Rhodes, Faro and Palma, are
already served by Airtours, a
subsidiary of British Airways.
Owners’ Services (OSL) operate
on behalf of passengers with
interests in holiday villas in
Europe..

*■ .

ADAMSON CONTAINERS, Red-
dish, has won a £3m order from
Shiristar Container Transport to
supply both 20ft and 40ft open
top containers. The order will
begin in the spring and will be
completed by the end of the
year.

Hr

INTERNATIONAL COMPUTERS
(ICL) has won export orders
worth more than £l-5m to supply
ICL system 25 computer
systems to six customers in
Switzerland. . They include the
Swiss Bank Corporation.

BTR BELTING of Lancashire
is to supply £lm worth of silver-
cord steel cord conveyor belting
to the Neyveli Lignite Corpor-
ation, which operates one of the
largest open cast lignite mines
in Tamil Nadu state, in south
India.

*

RENOLD POWER TRANSMIS-
SION has won an order worth
over £34,000 for a package of
gear components to be fitted to
a ladder winch on a bucket
dredge which will operate in
depths down id 150 ft below
waterline in a tin mining area
in the slate of Selangor, West
Malaysia. The ladder winch was
designed by F. W. Payne and
Son.

•k

An offshore oil contract worth
in the region of £250,000 has
been won by Billingham-based
1(2 Physics and Radioisotope

Services Group. For John Brown
Offshore, the contract involves
supply and operation of sub-sea
nucleonic gauges which will
monitor the density of grout in
the pile sleeves surrounding the
legs of Mobil's Beryl B platform.

Sir R. C. Tomkinson

international sales group based
in London. Coincident with
this assignment he was named a
second vice-president. C1I1C.

*

Sir John Woolf has been
appointed chairman of BRKISH
AND AMERICAN FILM HOLD-
INGS in succession to the late
Sir John Foster.

*

BRITISH GAS has appointed
new chairmen for its Northern,
North Western and North
Eastern Regions. All three
appointments take effect on
April 1. Mr Keith Summersgill,
deputy chairman of East
Midlands Region, becomes chair-

man of the Northern Region,
succeeding Mr Bilan Clegg, who
is retiring. Mr George Scott,
deputy chairman of the North
Western Region, becomes chair-
man of the same Region,
succeeding Mr Patrick Gallaher,
who is retiring. Mr Howard
Greenfield, deputy chairman of
the Northern Region, becomes
chairman of the North Eastern
Region, succeeding Mr Frank
Barter, who is retiring.

Jr

The ROYAL BANK OF
CANADA has transferred Mr Ian
A. MacKay from the I MM
department in Toronto to vice-
president. international money
markets. Europe, Middle East
and Africa, in the London
office.

+

DELTA GROUP joint manage-
ment director, Mr T. R. M.
Kinsey, will be tearing shortly
for a post outside the group.

His duties will be taken over by
the other joint managing
director. Mr E. W. Webber.

*

MANUFACTURERS HAN-
OVER TRUST has appointed the
following as vice-presidents:
Mr Keith H. Ayres, Mr Maurice
G. Drage, Mr Terence L. French,
Mr Keith C. T. Green, Mr Eric
A. Lawrence and Mr Abraham
S. Marrache.

*

Mr J. Keith Harwood, manag-
ing director of R. H. Macy
United Kingdom and Ireland
and chairman of the Export
Buying Offices Association, has
been appointed vice-president of
R- H. MACY CORPORATE
BUYING.

GOLD g ypuogn ai least

lOXroqenajxbibBn
All U laWAfflM ni - enn

rnxr EMfcikivicewiudi 7

I Gl i could Bfi aa fog future

BUDGET

mveament

IMi

h—dMiiUW— .

LADBRGKE INDEX

Close 558-563 (— 1).

THE THING HALL
USM INDEX

187.7 C+0.6 )

.close of business 19/2/82 -
BASE DATE 1D/11/S0 100
TeL: 0L63S 1591

if

“PENNY SHARES

Monthly advice on low priced
shares, which to buy and
when to. sell
For full details and a
FREE COPY write:

THE PENNY SHARE GUIDE
11F BlonrfMd Strait
London EC2M 7AY

DUDLEY

OLDHAM]

Metropoitan Boroi^h

Metropolitan Borough

Floating Rate

Floating Rate

Stockl982

for the six months frarn

22nd Felximy, 1932
to'22nd Aozust 19S2
. interest rate on tfaaitave dock
m be £15-6230% per annum

Gracfafl S Ca Urated J

Stock 1982

for-tfie six months fnun

22nd Februaiy.1982
to22ndAuEnst 1982
the interest rate on the abow stock
mil be £15 -62504 per annum

Morgan Grenfell & Ca limited J

J l

DALGETY

World Wide Agriculture and Food

INTERIM REPORT 1982

%

Record half year profit £19.6m — up 20%
Earnings per share 16.0p — up 47%
Increased profits from the UK, Australia,
New Zealand and USA
"Confident that further progress wifi be made’

Profit before interest and tax
Group profit before tax
Group profit after tax
Earnings per£1 ordinary share.
Interim dividend per share

Half-Year to
31 Dec 1961
Unaudited

Half-Year to
31 Dec 1980
Unaudited

Year to

30 June 1961

£m

£m-

£m

37.2

31.0

75.0

19.6

16.2

41.2

12.7.

■ 9.2

24.2

16.0p

10.9p

29.7p

11. Op

II.Op

2Z0p

Copies of the full Interim Report can be obtained from the Secretary, Dalgety pic,
19 Hanover Square, London W1 R 9DA.

MARTIN CURRIE & CO.

INVESTMENT TRUST COMPANIES AT 31st JANUARY1982

■fctar Assets
less Current
LiahintiM

IK

Geographic*! Spread

North

America Japan Other

Net Asset
Vhlue

Pnor charges

at par

Share

Pries

Gross

Y-tlrl

Total Ralum

onNAV|baw-1Q0)

t Source ;Wood
Mackenzie & Go]

£ million

%

•s.

%

*»

D

p

r i

5»r$ - 1 wr

.14.1

47

39

9

5

Canadian & foreign Inv. Tst

203.3

176

4.5

189.0 114.4

25.1

61

26

9

4

St, Andrew Tst

210.4

163

• 5.5

181.S 115.3

132.4

52

34

11

3

Scottish Eastern Inv. TsL

116.4

88

5.3

185.6 117.8

31.1

45

37

14

4

Scottish Ontario Imt Tst ■

110.0*

87

5.2

174.1 117.8

72.8

56

30

12

2

Securities Trust of Scotland

154.2

115

6.1

179.0 119.0

29 CHARLOTTE SQUARE, EDINBURGH EH2 4 HA TEL 031-225 3811

18

Financial Times Saturday February 20 1982

Companies and Markets

WORLD STOCK MARKETS

NEW YORK

Stock

Feb.

18

Fab.

17

35*
30k
3%
25
5S*
15%
SB l 2
35

2114

1814

ACF Industrie*

AMF

AM Inti

ARA. :

ASA

AVX Corp

Abbot Labs ........

Acme Clave

Adobe Oil & Gas,.
Advanced Micro. i
Aetna Life A Gao; 44 %
Ahmancon iH.F.t; 9*
Air Prod * Che mi 34%

Akxona 10%

Albany InL ... 24%

Alberto- Cu I v.... H> ! 13 k

Albertson's

Alcan Alimlnlum 19%
Alep Standard..., 19 >3
Alexander ft Al 26 %

Alegheny Inti 27

Allied Corp.. 8B%

Allied Stores. 26%

AlliO'Chalmers_ 121;
Alpha Portd 11*

55k
21k

5%

25
55k
15
29 l s
S3
21%
18
44%
lQlg
34%
10k
25 k
HaB
276 4 I ,28*
19k
ISi:
2Bk
27
59%
26%
13T S
11 %

Alcoa.

22k

23

47%

31%

27 k

19

113,

38.6

Amal. Sugar 47k

Amax..— I 3Qk

Amdahl corp * 27%

Amerada Hess. .. I 19%

Am. Airlines 1 11%

Am. Brands. ■ 39% __ _

Am. Broadcast^] 31% > 31%

Am. Can : 28% ) 29

Am. Cyanamld... 28%

Am. Elect. Powr.. 18 k

Am. Express 43%

Am. Gen. I nance. 41 %

Am. Hoist ft Ok... 15%

Am. Home Prod... 35%

Am. Hosp. Suppy 42%

Am. Medical Inti. 25%

Am. Motors , 2%

Am. Nat. Resces 33%

A m.Petfina 69

A m. Quasar Pet-, 11%

27%
16 k
427#
41%
15%
35k
42%
25 %
2 k

33k

62%

10

stock

Feb.

18

Columbia Gas .... | 28Ta

Columbia Piet 60%

Combined Int..... 21%
Cambustn. Eng._ 31%
Cmwlth. Edison... 20%
Comm. Sat elite..' 60%

Feb.

17

stock

28%

SO

21k

31%

20

60V

GL Atl. Pao.TeaJ
Gt. Basins Pet....
GtNthn. NekoosaJ
Gt-V/estFinencl.

Greyhound.:

Grumman

Gulf A Western..-!

Feb.

18.

4k

37a
33
10
147g
24 k .
16%

Feb.

17

Stock

Feb.

18

4k

3%

33%

10 k
14%
24%
16

Gamp. Science... 14

Cone Mills 1 29k

Conn Gen. Inn....' 49%

Conrac

Cons. Edison

Cons. Foods

Com. Freight-.

Gan. Hat. Gas

Conumer Power
ConL Air Lines..

Conti. Corp.

Conti. Group

ConL llllonis

Conti. Telep..

Control Data.

23%

33

35%

34%

43%

16%

3k

26%

38%

30%

15%

34%

.Cooper Inds. 44%

Coon Adolph.—. 10%

Gopperweld.'. 31%

Corning Glass 44k

Corroon Black-.. 19k
Cox Broadcast's 33%

28

2878

27&B

24%

36k

38

8

Am. Standard,... 24k

Am. Stores 27%

Am. Tel. A Tel.... 65%

Ametek Inc 28%

Amfac : 24

AMP 50%

Amstnr 23%

Am stead bids—. 26%
Anchor Hockg. .. 17%

Anhewser-Bh 43%

Areata. 59

Archer Daniels... 17%
Armco...' ' 21k

Armstrong CK—.j 14*

Asamera Oil : 9%

Asarco '. 21k

Ashland Oil.— 26%
Assd D Goods.....; 28%

Atlantic Rich ■ 38

Auto-Data Prg..... 25

Avco - 15S)

Avery inti : 25% :

Avnet

Avon Prod

Baker IntL.

Balt. Gas ft El

Ban Col

Bangor Punta ....

Bank America....;

Eank of N.Y.; 1

Bankers TstN.Y.

Barry Wright

Bausch A Lomb-i 45
Baxt Trav Lab. 36k
Beatrice Foods...: 177a
Beckman Instr.J 49 k

Bckerlnds 6%

Bell A Howell ; 18%

Bell Industries... 16%

Bendix ) 51i«

Beneficial,. ; 16%

46

25%

31%

24%

25%

17%

19

43%

S3

17%

I 24%
27%
57
20k
24%
49k
23k
267 8
17%

.43k

39%

17%

217a

14%

9%

21 %

26

27k

38

24k

15%

25%

44%
26
31%
24 l»
25*

17S.

ia%

42^
32 %

17 k
43Sa
36
175 b
49%

6%

18
16%
51%
16%

Beth Steel '

Big Thee lnds,....i
Black ft Decker

Block HR j 567a

Blue Bell- ■ 20k

Boeing !

Boise Cascade ...,

Borden

Borg Warner

Braniff Inti

Briggs Strain

Bristol-Myers 56%

BP 21% | 207^

Brockway Glass.. 13k i 13%
Brown Forman B

Brown Grp

Brown A Sharp ...

Browng Ferris....

Brunswick

1970
25
14 It

19%

27%

31k

26%

2

25 k

20 k
22%
14 k
36%
20k
IBS,
28k
31k
25%
2%
25%
54 t 8

Bucyrus-Erie

Burlington Ind ..

Burlington Nrthn

,Burndy

Burroughs

CBI Inds.

CBS ;

CPC IntL

CSX..

Campbell Red L.'

Campbell Soup... ; 33%
Campbell Tagg.. 20*

Canal Randolph-! 26k

Can. Pacific 27 sa

Carlisle Corp : 27% | 27%

Carnation [ 287a ; 28%

Carp Toe h ; 33*

30

28%

17
327g
24k

19k

19

48%

18
35%
35%
44
37%
55%
11

31%

28%

167a

32%

25

20

19%

48

18

34%

35

43%

37%

55

Uk

31",

20 %

27

277j

Carter Hawley.-’ 15%
Caterpillar-. .. 49%

Celnnese Corp...' 55k

Centex- 21 5*

Central ft Sw ; 14 k

Central Soya 1 11 1 3

Central Tel Util J 28k
Certain-teed...... 11

Cessna Aircraft.; 17%
Champ Home Bid 1 2
Champ Int.„ ! 15k

Ahnmn Cn DIbips u

Champ So Plug-.

Chart or Co

ChaaeManhatfn

Gnomical NY

Cheese Pond

Chicago pneum..

Chrysler

Chubb-

%
7r 0
58
52%
33%
14 k
4%
45

33k

13l B

49 k
56%
22
14%

287.

18

2

16%
• 7%
7%
1 57 k
I 52
33k
14%
4%

I 45%

Cincinnati Mli„ ..

22 id

I 22 k

Citicorp

25i|

! L4k

Cities Senrics.. ..

29 . fl

29%

City Invast .

. 23

Clark Equipment

231-

Clove Cliffs Iron.

29%

30

Coro x

11*

Uk

Cluott Poaby

15* 1

15%

Coca Cola !

31% .

31*

Colgate Palm |

17%

18

Collin, Afkman... 1

11 1

lit.

Colt Inds

26

25r B

Crane

Crocker Nat

Crown Cork.

Crown Zell

Cummins Eng....
Curtlss-Wrtght...

Damon

Dana 26%

Dart A Kraft 497a

Data Gen ' 51%

Dayton-Hudson - 28

Deere 1 32%

Delta Air. ; 28

Denny's. 30%

Dontaply Inti I 16%

Detroit Edison....; 11%

Diamond Inti j .37%

Diamond Shank.. I 23k

13%

29*

48k

22*

327.

325.

35

44%

16*

3%

25%

28k

30%

16%

33%

44%

10%

30k

44k

19k

337.

28

29

27%

-247.

36*

37k

7J.

26*

49%

50k

26

32*

87*

30k

Gulf Oil ; 30* 1 30*

HalKFB)—. ; 28* 1 27%

Halliburton - 40% 1 40%

Hammermlll Ppri 25% 25

Handloman 13% 13*

Hanna Mining....! 30% 30*

Hareourt Brace-1 14 t. 147.

Harris Bancp , 37 27

Harris Corp- J 34% 34%

Harsco. ' 19 19%

Hecla Mining 10 10%

HeinziHJ) 29 28%

Heller Inti..—-.-. 18* ib%

Hercules -I 19Tg 20

Harshey - 36 36

Haubleln 37 37%

Hewlett Pkd 423, 41*

Hilton Hotels—.. 37% 37*

[Hitachi— 60% 58k

HoHday Inns > 26k I 26

Holly Sugar j 56% i 66%

Homestake 26% . 26%

Honeywell : 74k 73*

Hoover ..; 9% 9%

Hoover Univ. .17 .17

Hermel Geo. 167. 16%

Hospital Corp. ...I 30% I 30%
Household Inti... 15* j 15%
Houston Inds. .... 18% 1 18%
Houston Nt Gas- 37k 38%

Hudson Bay Meg, 15% 1 15%

Hughes Tool 32 | 31%

Humane. - 26 24*

DiGiorgiO -

Digital Equip

Dillingham

Dillon

Disney iWalt)
Dome Mines-

DonnellyfRRJ.
Dover Corp...
Dow Chemical... .

Dow Jones. |

Dresser...

Dr. Pepper

Duke Power.

Dun & Brad

Du Pont

EG ft G.

9%

88*

11*

-20k
49%

13* 1 15k
40% ; 40

16%

11*

36*

221 .

9

87%

11*

21

49%

Husky Oil).- 1

Hutton <EF)

ICInds..

IN A Corp

iu int-. : - !

Ideal Basle lnd...|

Ideal Toy :....!

ICI ADR ;

Imp Corp Amer, J

INCO. _...i

tngersol Rand-..

6

33%

31k

44k

12%

‘P

6%

7%

13%

527.

6

33*

31k

45

12*

18

77.

6%

7*

13%

62%

27*

21%

46%

27%

21

46%

26k ■ 26
12k 1 12k

inland Steel !!!! 20* | 20%

241,
24%
32%
26%
62%

Intel -....; 26

Inter First Corp...' 24V

Interlake 32*

inter North 25*

IBM- 627s

J MGM | 6*

Metromedia (174%

Milton Bradley...; 18%
Minnesota MM.... 54k
Missouri Pac —J 70%

Mobil ! 22%

Modern Merchg.i 8*

Mohasco j 11*

Monarch MIT :

Monsanto

Moore McCmrk..; 22*
Morgan CJP)‘.—. 53%

NlotorolB...i ' 53%

Munsingwear .* 14*

Murphy (GC) ■ 13k

Murphy OH j 23%

Nabisco Brands.! 33
Naioo Chsm j 48k

Stock

Feb.

18

Feb.

17

16k i 16k

67% ; 677.
217.
53%
53
14%
14
22%
33
47*

Schiltz Brew 13 . 13

Schlumbeger ! 49* ! 49

SCM ! 20k ; 21

Scott Paper- 17% \ 17%

ScudderDuoV- 12 I 11%

Seacon - > 20* 20%

Seagram 52% 52%

Sealed Power 27% 26%

Searle(GD) • 3l* ■ 31

Sears Roebuck... 16* | 16
Security Pac — ... 555; : 35%

Sedco 31* ] 27%

Shall Oil 34% I 35*

Shell Trans 26k 1 26*

Sherwin-Wms lfi% j 19%

Signal 1 83% ’ 23

signed* ! 40 ; 39%

Napeo Industries! 15

Nat. can

Nat Detroit-

Nat. Dlst Chem-J
Nat Gypsum

Nat Medical Enti 16%

Nat Semlcductr
Nat Service Ind.
Nat Standard -J

Nat Steel.. — j

Natomas. _

NCNB Zi

21%

23

21%

19%

20%

23%

14

23%

19%

14*

NCR 45*

New England El- 26
NY State E AG... 147s

NY Times- - 34*

Newmont Mining 35%
Niap. Mo hawk.... I 12%

NICORInc. 1 287b

Nielsen (AC) A .... 417a
NL industries -...i 30? 8
NLT - I 24%

14*

21%

88k

81*

20%

157,

19%

83

14

23%

19%

14*

46

257,

14k

34%

35*

18*

29%

41%

30k

24*

Simplicity Rett-

anger. — 1 14k

Skyline ..

Smith int)

Smith Kline*-

| Sonesta inti

Sony— — |

Southeast Ban kg
1 Sth. CaL Edison-!

1 Southern Co.

Sthn. Nat Res—
Sthn. N. Eng. TeU

SUin Paolfle.

Sthn. Railway—

Southland

SW Bancshares-

S perry corp

Spring Wills

Square D.

?T|

12*

34

68%

10k

16%

15%

28%

11*

24k

42%

35*

897,

28%

88%

297,

M

24k

Squibb ' 31% „

Std. Brands Paint! 21k t 21k

8k

14*

12%

337 8

68

10k

14k

16

28*

ilk

84*

42%

35

89k

28%

28*

30

24%

24*

31%

Norfolk ft Westni 50% J 50
Nth. Am. Coal -J
Nth. Am./ Philips
Nthn. State PwrJ
Northgate Exp.j

Northrop I

NWest Airlines...

NWest Bancorp- 1

Nwest Inds j 72*

Nwestn MutuaL. 93,
Nwest Steal W 20%

Norton I 35%

Norton Simon ....j 30*
Occidental Pet-
Ocean Drill ExpJ

Ogden ...

Ogilvy ft Mrth. ...

Ohio Edison -

Olin -

Omark

Oneok

84*

34%

25%

3k

47>,

86

22%

21%

22*

247,

31

12%

34%
34
85

4

46k
26
22k
76*
9k
20%
36%
20%

ss

If
. 12%
80% 80
16% 15%

27% 86%

std Oil ClifomlaJ 307g
Std. Oil Indiana-J 38%

Std Oil Ohio- ■: 32%

Stanley Wks .1 16%

Stauffer Cham ... 19%

Sterling Drug ! 25%

Stevens UP) ( 18%

Stokely Van K.... ; 32
Storage Teoh. 317,

, Sun Co 1 37%

Sundstrand 39%

Superior Oil j 89*

Super Val stra.—' 1B7 8

Syntax. J 687,

TRW J 47%

I Taft 30k

Tampax—..— 33% | 33

307,

38*

33%

16%

80

24%

16

32%

32%

38%

39

29k

163,

65*

477,

31

21%

64*

36k

17k

Easco I 19

Eastern Airlines.! 5%
Eastern Gas ft F : 22%
Eastman Kodak. | 69k
Eaton - 287,

Echlin Mfg
Eekherd Jack... ■
Electronic Data. 1
Elect Memories'

Ei Paso

Emerson Elect... 1
Emery Air Fgt...i
Emhart

I0s a
195.

20% I 80

21*

65

371

18*

lav

5%

28%

69*

29

10*

19*

3%
27%
407,
10 IB
32

Enelhard Carp* 2lTg

Enserch | 19*

Envlrotach 1 15

Esmarfc

Ethyl

Evans Prods.

Ex Cell 0

Exxon 28%

FMC 83k

Fa barge. I 16

Fedders | 3*

Federal Co ! 19k

Federal-Mogul... j 19%
Fed. Nat Mort... 7*
Fed. Paper 3rd..., 28%
Fed. Resources.. 1*
Fed. Dep. Stores: 38%
FleldcrestMl— 22%

Flrestona 10%

1st Bank System 32%
1st Charter Fin ..| 7k

3%

867,

41%

11

317,

82

19%
14V
45* > 45
19% ; 19%.
14* I 14%
19* i 19
38%
237 b
15k
3*
20%
19*
7%
28*
1%
37*
22*
10%
32%
7*

Inti. Flavours

InU. Harvester—
Intlncome Prop.;

IntPaper

int Rectifier

int. Tet ft Tel

Irving-Bank.

James 1 FS 1

Jeffn-Pllot

Jewel Gas...-

Jim Walter....
Johnson Contr,...
Johnson ft Jnt:...
Johnthan Logan.:
JoyMnf

K. Mart.

Kaiser Alum

Kaiser Steel-

177 fl

7%

8

S3*
12
357,
43%
20*
26
31
18 %
25%
387,
117a
31*

17r a

7%

8

53*

12

26%

43%

20%

26

33%

18*

24

38%

11*

32%

16% 1 16%
14* | 14%
45* | 47*

1 Kaneb Services-' 17%
(Kaufman Brd 10*

Kay Corp..'.....'.

Kellogg •

Kenn am fetal

Kerr-McGee

Kidde

Kimberley-Clark.
King’s Dept St...
Knight Rdr. Nws

Koppers.

Kroehier.

Kroger

LTV ;

Lanier Bus. Prod

Lear-Siegler.

Leaseway Trans.,

9

23%
30k
31k
20%
607,
3*
29%
14%
7k
27
16*
20 k
25
25

1st Chicago- | 187,

1st City BankTex, 28k

1st Interstate > 30*

1st Mississippi— j 11%
1st Nat Boston- 397 S

1st Penn I

Fisons

Fleetwood Ent...;

Flexl-van

Florida Pwr ft L..

Ford Motor

Foremost Mck—
Foster Wheeler -

Freeport McM

Fruehauf..

GAF

GATT.

3k
4%

121 ,

17 V
29%

12%

IB

! 17k
10%

29k i 29%

IB*

29*

SO*

11%

39*

27,

4%

11%

17k

29

17%

34

!2k

187,

177,

10%

Lenox I 35k

Levi Strauss ' 27*

Levitz Furntr 35

Libby Owens Fd. 22%

Lilly IE|ii 59

Lincoln Nat 39%

Litton inds. 51k

Lockheed— : 52%

Loews 80%

Lone Star Inds...: 24k
Longs Drug Strs.' 26*
Louisiana Land ... 877 b
L ouisiana Pac .... 17*

Lowenstein- : 88%

Lubrizor — 21k

Lucky Stra. • 12k

MiA Com. Inc ...... 21 1 a

MCA 46%

MacMillan 15%

17*

10%

9*

24*

51k

32%

80*

60%

3%

28k

14%

77,

26%

16%

21

24*

24k

34*

27%

33

22*

587,

.39%

50k

52

797,

24%

26%

871,

17*

28k

21%

12k

21k

457,

15

Outboard Marine 20* - 19*
Overseas Ship—, 14% . 14%
Owens-Coming -! 18% 19%

Owens-Illinois 27 27*

PHH Group ' 20% 20%

PPG Inds 31* - 31*

Pabst Brewing.... 13% - 13%
Pac. Gas & Elect 81 21%

Pac. Lighting— 83% , 23%
Pac. Lumber : 23 1 23

Pac. Tel. ft Tel....l 18* > 18*

Palm Beach. i 16% 15k

Pan. Am. Mr. ; 2k 2k

Pan. Hand Pipe- 32* I 38 %
Parker Drilling... 167, ! 16k

Parker Hanfn. , 18* 18%

Peabody Inti -... 5k ■ 5k

Penn Central 1 23* | 23*

Penney (JO- ! 30 1 29k

Pennzoil i 45% | 45%

j Peoples Energy ! 7k 7*

PepsiCo J 34* 34*

Perkin Elmer 20k 21%

Petrie Stores 22* 227*

Pfetrolane 147, 14%

Pfizer I 58 57%

Phelps Dodge ... 27* | 27k

Phlla Elect 137s 13k

Phlbro 24k ' 25%

Philip Morris 46% 47%

■ Phillips Pet 347, 56

I Plllsbury 59* 39%

I * Pioneer Corp — 22% 23%

Pltney-Scwes ... 24% 24k

Rttston — 21% 21%

, Planning Res^ch 67, 5k

. Piessey ...i B6% ' 66%

Polaroid 19% 19%

• Potlatch 23% 1 84

J Prentice Hall 25

; Procter Gamble. 84%

Tandy ' 34 .

Teledyne 127*

Tektronix 1 48%

Tenneco I 88%

1 Tesora Pet ’ 23

1 Texaco j 30%

1 Texas Comm. Bk.' 36%

I Texas Eastern...^ 43%

Texas Gas Tm 27k

Texas Instrirn'ts.! 80
Texas Oil A Gas.J 25k
I Texas Utilities....- 80

I Textron - 887,

Thermo Electro.. 18%

I Thomas Betts..... 51%

Tidewater 29

| Tiger Inti — 8%

Time Inc 34*

Times Mirror 44%

Timken— J 53

Tipperary- 14%

Tonka— 1 25

[Total Pet 10

1 Trane I 27*

Transamerlca ! 21%

Transway—... [ 21%

. Trans World 18%

Travelers | 463,

I Tri central .....

7%

Tri Continental...]

I Triton Enargy_...|

I Tyler

UAL ; J

UMC India..- j «•,

Unilever N.V. -J 60%

18

12%

20%

16%

9%

|. Union Camp. ...... I 46k

te—j

Union Carbide.. J 45*

Gannet ' 33*«

Gelco 1 17

Gen Am Invest . 15%

Gon Cinema . . ..: 39*

□en Dynamics....! 24

Gen Electric 61%

Gen Foods 30*

Gen Instrument-1 37%

Gen Mills 37*

Gen Motors 35

Gen Pub Utilities! 4%

Gen Signal 457, 1 36%

Gen Telep Elec... j 28% \ 28%

Gen Tiro. • 19% I 19%

! 5% j S*

33*

17*

15%

37%

24*

60

30%

37%

56%

59

4k

Mac ' 53* [ 53*

| MfcrtyHanover.-. 31 : 30k

Man villa Corp—.. 147, j 15*

Mapco ' 32 | 32k

Marathon Oil I 73 73*

1 Marine Mid 24% 24%

Marriott 37k 36k

Marsli McLenn... 32k , 32%
Marshall Field ... 19* , 19%

Martin Mtta 1 30% 1 30%

Maryland Cup. ..1 32% ■ 31k

I Masco 1 34% 34%

I Massey- Fe rgn l* 1 is.

Mass MuItLCorp' 18% 18%

I Mattel 15% I 147,

May Dept Stra...: 24k 24%

Pub. Serv. E A GJ 19*
Pub. S. Indiana. J 21%

Purex- I 87*

Purolator - : 26*

Quaker Oats I 38%

Quanex. 12 k

Questor : 87,

RCA- 19*

Raison Purina..- 11 t,

Ramada Inns I 5*

Rank Org. ADR...! 3*

Raytheon.. 34%

Reading Bates... 18k
Redman Inds — < 11*
Reeves Bros .....J 62%
Relchhold Cheml 10%

Republic Steel...! 821,

Rep of Texas 31%

Resch Cottrell.. ..1 12*

, Resort Inti A IS*

Revco IDS) j 23k

j Revere Copper -j 12*

Rexnord 11%

i Reynolds (RJ) 457g

Reynolds Mtls— 19%

Rite Aid-.....:. 28*

Roadway Exps... 32%
Robbins (AHJ...— 13
Rochester Gas... 12%
Rockwall Inti— . 30%
Rohm A Haas — 56
Rollins 16%

Genuine Parts....
Goorgia Pac

Qea source

Gerbes Prod

Getty Oil

Glddlns Lewis—

Gillette

Global Marine...
Goodrich i8F>. ..
Goodyear Tire—

Gould

Grace

Grainger (WW1...I

52%
17%
39 s,
85k
50%
19%
32
17*
19%
19%
82%
40*
381,

32k

17

39*

251,

50%

187,

32*

17%

20

19

28%

41%

38%

Maytag

McCulloch

McDermott iJR>„

McDonalds

McDonnell Doug
McGraw Edison-

McGraw'Hill

McLean Trukg . .'

Mead

Madia Cent-

Medtronic

Mellon Natl

Melville

Mercantile Sts ...

Merck

Meredith..

24
12k
29%
SB*
30*
31*
50
14%
20%
36%
36 k
36%
40S S
54%
85
SO

Merrill Lynch-..., 31

24%

12%

29%

59%

30%

31*

49%

14%

20*

357,

36%

37%

40

64%

84%

60

51*

Holm ..........

Roper Corp

Rowan

Royal Crown

Royal Dutch |

l Rubbermaid

I Ryan Homes

Ryder System....
SFN Companies-!

34k

107,

12 %

a*

37%

15*

244*

18*

SPS TachhoTgles, 19%

Sabin* Rnm I xni.

Sabine Corp.

Safeco

Safeway Stores..;

St Paul Cos

St Regfs Paper..

Sante Felnds

Saul Invest

Saxon Indus-

Sobering Plough.

30%

39k

27k

60%

87%

16%

7

4%

28k

24*

83%

19%

SOT,

27*

25k

37*

t2\

9

1BT,

n*

3*

34%

18%

ilk

63

10*

23%
307,
12*
15*
24%
12 *
30%
Uk
45%
19*
28%
39% •
13*
12 *
30%
56%
167,

34*

IflT,

12 *

17%

30%

36

16%

”3

H"

30k

27%

S 5

4k

27k

Union OH Cal.
Union Pacific—

Uniroyal

Untd Brands—
Utd. Energy Res.

US Fidelity G

US Gypsum

US Home J17*

29%
38%
6 '
10 %
34%
42k
29%

US Inds-

US shoe—

US Steel j

US Surgical. ...

US Tobacco-

|.US Trust

Utd. Teehnolgs..
Utd. TMacomms.|

Upjohn —

VF

Varian Amsocs—
Vemitron —

Virginia EP l

Vulcan Matris—J
Walker (H) Re
Wal-Mart Stores.

Wamado j

Warner Comma..
Wamer-Lambt ...
Washington Pot«
Waste Mangt-...:

Weis Mkts

Walls Ffergo.

W.Pelnt Peppf,...
Western Alrllnei
Westn. Nth. Amr
Wcstlnghouee —

Westvace

Weyerhaeuser—

Wheelabratr F ...
Wheeling Pitts—

Whirlpool

> White ConsolM..

Whittaker

Wlckee -

Williams Co

Winn-Dixie Str— .

Winnebago

Wise Elec Power!

i Woolworth --

Wrlgley

wyiy

Xerox

Yellow Frt Sys -

Zapata

Zenith Radio-—

8*

85
83*

17%

51 V

36% | 35%

33k

136%

48

88

83*

30%

36

42k

87k

79%

26*

19%

23

17%

51%

291,

B%

34%

44%

54%
15k
25%
9%
28*
21
21
18
46*
’ 7%

17%

117,

20%

1 |k

9%

60

46k

43k

29%

38k

6

10%

33

41*

29*

11 *

8k

86

83*

17

45

35

19%

56%

52%

28%-

107,

117, I
43%
12
42%
24k
60%
22 *
277,

»T|
37%
26
21 >
4

14%

23%

21 *

24%

36%

267,

83%

867,

II 3 "

47,

26k

16*

*1%

7%

37%

147,

23*

Uk

-19%

67*

33k

28*

103,

Ilk

431,

11 %

42*

24*

5flk

22k

•277,

B 2

If

4

15

23

S 1 **

84k

36*

86%

33k

85k

30

8%

26%

30%

-4%

28k

16*

31%

7*

37k

15%

23%

12 *

NEW YORK

Indices

-DOW JONES

Feb.

18

Feb.]
17 .

Feb.:
16 !

Feb,
12 1

Feb.

11

Feb.

10

1981-82 ’Since Cmpift'n

Early irregularity on Wall St

A MIXED TREND developed In
moderate trading on Wall
Street yesterday, with issues in
special situations showing the
only significant price changes.

By 1 pm the Dow Jones Indus-
trial Average was off 0.76 to
S2S.20, making a loss of 5.61 on
the holiday shortened week,
while the JfYSE All Common
Index, at 565.72, shed 6 cents on
the day and 37 cents on the
week. Trading volume dropped
143m shares to 34.97m, com-
pared with 1 pm Thursday.

One analyst called the Money
Supply figures “the newest fad .
in the market." Stocks have
dropped sharply on four of the
past six Mondays, in part due

to 1,597.4 and Banks 3 68 to Pioneer, however, moved up
312.84. But Oil and Gas shed 1.5 Y60 to Yl.540 despite its poor
to 2-S0&3. results which, had put the share

Turbo Resources; the parent price under pressure lor the past
Ann of Bankeno, were off 30 few days.

for 1961. -

Sola Vlscosa put on further
L13 to 74 • on rumours of n
capital Increase.

With attention in the after-
noon focussed on SpecuJatives
and * lower-priced " issues,
Sumitomo Metal Mining further
advanced Y44 to Y790
Oils rose broadly on the yen's
rise against Die dollar.

Isuxu and Kyoto Ceramic each
despite reports pn the

Hong Kong

Stock prices continued up-
wards In moderate trade as the

and some of the gloom over
interest rates subsided.

Brokers said that there Is a
growing feeling that interest
rates have peaked, an attitude
bolstered by the strength of the
local currency.

Singapore

to disappointing Honey Supply Hong Kong dollar strengthened
figures which sparked concern
that interest rates would rise.

One of the biggest falls was
recorded by Northwest
Industries, off $5} to $66J-Ht
recently completed an offer to
buy back 5m of its shares for
S75 each.

The volume leader 1 was
M asoniate, due to a block of
1^66,000 shares that traded at
5231, up $2i.

Warner Communications, down
S} to S59i were also active —

Mattel said it plans to offer video
game cartridges which are com-
patible with Warner’s Atari
Players, a major profit centre for
the company.

Data point fell Sli to S27J after
opening late — it reported lower
earnings Thursday. Other Com-
puter stocks also weakened, with
Digital Equipment off 31} to
$871, Commodore Slf to $464,
and Hewlett-Packard Si to $42i.

THE AMERICAN SE Market
Value Index fell 0.95 to 270.06,
making a fall of 4.94 on the
week. Trading volume decreased
192,000 shares to 2.68m, com-
pared with 1 pm Thursday.

Canada

Prices were mixed at mid-
session, wilh the Toronto Goto-
- The Gold Index rose 40.5 to :
3,507.5. Metals and. Minerals 5.1

cents at S2.40 in active trading
—a hearing is being held by the
Ontario Securities Commission
into -whether Bankeno’s follow-
up bid equal TUrbo’s original
cash offer for Meriand.

. Macmillan Bloedel lost $1 to
S21J on sharply lower net earn-
ings and a loss per share of 53 — r — . -

cents, compared to profit of $5 .03. broad outlines of their planned

development of a ceramic diesel
engine.

Toyo Kogyo gained ground on
reports it will begin to supply
U.S. Ford Motor with 20,000 of
its MTX transaxials a month
from early next month. The
parts reportedly will be used
for new 2,000 cc vehicles Ford
will be introducing.

Old Electric rose Y8 to Y395
— it signed a contract to supply
telex terminals, to Cable and
Wireless of the UK
Toshiba firmed Y2 to Y373 —
it will boost its production of
integrated circuits at its U.S.
subsidiary by 30 per cent to 2m
units a month from March.

Ohbayashi-Gumi stood out
among generally firm Construc-
tions— on a Press article dis-
cussing bow die company is
applying office computers and
word processors to its opera-
tions.

Germany

Share prices rallied after a
mired opening, largely traceable
to an unexpected influx of
Foreign purchasing orders.
Engineerings were higher
Mannesmann put on DM 2.2
to 143.3 on higher sales in 1981
and profits also up.

In firm Steels. Thyssen gained
DM 1 to 79.2 on a share of a
large Indonesian order.

Machine Makers were also
broadly higher with Deutsche
Babcock up DM 4£ to 208 on Its
recent' dividend increase.

Australia

Good news from Hong Kong
outweighed bad news from
South-East Asia’s biggest com-
pany to push share prices
sharply higher. The Straits
Times Industrial Index rose
13.01 to 753.01. On the week,
the Index firmed 2.19 after the
market last week put on the
Worst performance m ve months.

-The local market was influ-
enced by Rong Kong and some
short covering in Malaysia.

The rise in the 30-stock Index
came despite news from Sime
Darby, the giant Malaysia-based
plantation and trading group, of
a 32 per cent drop in first-half
year, after tax, earnings.

Tokyo

Closing Prices for North
America were not available
for this edition.

Share prices firmed with senti-
ment enlivened by the sharp yen
recovery against fee dollar, but
trading . continued erratic
because uncertainty persists
about .U.S. interest rates and the
future of the yen.

. The Market Average rose
29.55 to 7,713.31. on light volume
of 320m shares,.

But Motors fell as the yen’s
rise might hamper exports.

Milan

Prices finned in busy trading.
Pirelli Co. gained L105 to
2,515 tm sharply higher profit

llie technical buying support
seen Thursday disappeared as
prices returned to the pre-
dominantly downward path of
recent weeks.

BHP and CSK led the decline,
which soon caught up Oil and
Gas Explorers and also
Engineering stocks.

Banking issues weakened on
the uncertain movements of the
Australian dollar.

Industrial disputes kept
Retailers and Petroleum Refincr s
quiet

Brewers and Foods recorded
some gains a n d there was
improvement in Property stocks
and in Building Materials.

Despite bad news from fee
major Mines, topped off by CRa,
whose profit, fell from A$176m
to a token A$I2m in fee half-
year. buyers continued to prop
stocks like Bougainville. Con-
solidated RulUe, SUM and North
Broken Hill.

Energy Resources were firm
on its maiden profit of AS7.7m,
plus indications feat the Jabiru
Uranium -plant was operating
above Jts rated capacity. -

A flow of 1.125 barrels of oil
a day from the Slrzeiccki No 6
well in South Australia failed to
affect participants’ share prices.
Vsangas eased 4 cents to AS8.70,
Santos 8 cents to A$5 and
Crusader 50 cents to A$4.50 from
its previous trade on Tuesday.

Paris

Share prices tended mixed to
higher in very active trading,
with demand for the Compensa-
tion Rights of newly Nationalised
companies giving an under-
lying stronger tone.

Of these. Cie Flnanrierc de
Sues rose Frs 2.90 to 427.90. Cie
Flnandere Paribas Frs 2 to 306,
Saint Gobafn Frs 1.20 to 17&8).
CGE Frs 3.4 to 496.50, PUK
Frs 1.20 to 125.70, Thomson
Brandt Frs 1.90 to 310.10 and
Bhone Poulenc Frs 1.9 to 122.30.

CANADA

BB.GIUM (continued) 1 HOLLAND

Stock

Feb. | Feb.
18 [ 17

Feb. 19

AMCAlntL ' 19%

Abltlbi. ' 19%

Agnlco Eagle
Alcan Alumin^...'

AJgoma Steel — J

Asbestos .1

Bk. Montreal.....

Bk. Nova Scotia.

7%

23%

37%

14%

28

23k

19%

19%

"7%

83k

37

14

81*

23%

Price

Fra.

Basic Resources; 3.75 j 3.80

4

elndustr 1 Is 828.96 BS7.W 8Jl.34 8JJ.ai, 1 8J4.67 ; BJ6.B8- 1024.06 |

H'me finds. ' 55.61 '55.70 55.75 53,67: 55.73 55,82 '

Transport. 347.4/ 346.65 345.68'347.64: 34BJI' 547.60 'w.Jfl’j

Utilities.... 104.7 1.106.07. 104 J8, Iffa 28 . 105.16' 105.40 VlV.S'l 1

Trading Vol ’ . ! ' j . '

000-t • 60,8 10'47,6fi0 45,060 37,0TB 46,758: 48S2Q -

: i I i i i ;

I High , Low ; High > Low

624 J) I
i2SI9i

64.69

UMOi

335.48

i25/3i

101X8

(28/9)

IQS (.70 41.22

447.38 12-23
16(4/ >1) (6/7:52
165.52 10.5

♦Day's high 836.96. low 824.01

Ind. dlv. yield Z

1 Feb. 12 Feb. 6

• Jan. 29 Year ago (approx

i 6.66

6.50

6.36

6.87

STANDARD AND POORS

• Feb. : Feb. 1

! .1

2982432

Since CmpilTn

.18 17 !

16 . 12

11 1 10 :

High ^ Low

■ H(gh Low

Indust'ls... 126.88 129.7+
Composite' 113.62 1 13.69;

127.31. 127.51 127.5?' 127.81
114.06 114.58, 114.45 114.66

1S7.Q2 126.36 1 lfB.K 3 «2

(6/ l/B D iS5/3i ,i2Bi 1 1.-80 1 30/6 '52)
loS.12' 112.77 140^2 4.402

(D/1'81! iTB/Bi (2B/I1 80- tI/6/SS|

Ind. dhr. yield %

' Feb. 17

Feb. 10

Feb. 3 -Year ago (approx

5.70

| 6.74

5.64 1

.4,87

\ 7.66

7.73

7JB6 1

9.11 \

Long Gov. Bond yield

1 13.93

14.32 !

14.15 j

■ 12.68

NY. S.E. ALL COMMON

RJaes and Fails-

Feb. Feb. Feb.
18 17 16 j

Feb.-

1981 -82

12 High i LOW

65.7855.71 65.87 66.09

79.14

tSlllBl)

64.96

Issues Traded... 1,677
Rises «... 731

FWIs.*...-.*-...’. 213

Unohanged ' 433

New Highs ■ 14

New Lows ' 84

1 1*869 / 1,899
[ 603 ; 503
! ■ 216 J 990
j 460 ! 408 .

19 ' 2

I 84 152

MONTREAL

I Feb. 1 Feb. ' Feb. ! Feb.

18 : 17 ! 16 : 15

industrial* : *31.11 283.27 283.86- «)».» 1^7 ft) • 288,27 (1B/2/82)

Combin ed j B74.72. 274.90 J75J0 L74J7 ir>j8 (td.3j i 273,50 (16/2/62)

TORONTO Composite! 1663.1' 1858.5, 1S52J 1643.3 2380.55 1 IBf/j ; I64B.5 (15/2/621

Thursday

Slocks Closing on
traded prica day
Dow Chemical . 4.2S4.B00 21% + %

Booing 1.623,100 19% + 4

Seois Roebuck . 1,581.971 16\ + L

Texaco 1.1 12.800 30% + %

Am. Te). ft Tel. 1.067.300 55% - 1%

NEW YORK ACTIVE STOCKS

Change

Ssdcg

Cioes Service

Datapaint

IBM

Stocks Closing
traded price
951.700
677.000
651.800
638.300

Pacific GaS/Elec. 573.000

37%

28%

28%

62%

21

Change

on

day

+3%

-S%
.+ %

-

Feb.

19

I Feb. I Feb.
16 1 17

1

Feb.

16

IS)

■ High

81-82

Low

AUSTRALIA

AHOrd.il/IAS) | 6HJ.&

Metal ft Minis. (1/1/801 | seaji

S08J j SOSA
i 668.0 ; 696.0

6114

6664

7574 (8/4)
7864 (7/1/81)

6S5.I (1712/82)
8664(17/24^

AUSTRIA ‘

Credit Aktien (2/1(62) | 64.66

t)

1

1 64.70] 64.»

54.B7

68.48 (8/1/91)

6844 (15/10)

BELGIUM !

Belgian SE (S1/12/S5) 1 97.21

i

90-511 38.63

964*

9942 (12/3/82)

6948 (16/8)

nm

1

1 124.8

1

13441

; 125.11

1*47 (18/2/82

9549 (2/1/91) •

FRANCE |

CAS General (29/12/61) ! 104.6
Ind Tendance ifl/IMD 1 124.0-

104.4

: i23.i

100.4

1 138,4

1 99.4
131.6

1124 07(61
1244 (IB/2/87)

774 06rt)

I7i7 (4/1/8!)

228.07

6904

24847 (1/7)
749.0 (Z/n

215.89 (9/2)
6S6.4 (10/2)

HOLLAND

ANP-CBS General (1870) 86.7 ' K.B 67.0
ANP-CBS Induet (1970) 80.8 • 68.7 j 6SJ

664

664

384 (20(8)
78.4 (22/1} -

| 714 (28/6)

81.4 (22/121

HONG KONG ‘ 1

Hang Seng Bank(91/r/B4 1 lZ80.S2.1267J4|l255Ar T250.Wi 1B1BJ9 (17/7)

1118.77 (8/10)

ITALY

Banco Comm ttal^1972)

188.53

166.44 (24/7)

JAPAN"

Dow Average (IBre/45)
Tokyo New SE (4/1/681.

7T13J1

678.871

7686.7^784449
663.66) 66640)

R

6018.14 (17/6)
60842 (17/8)

NORWAY

Oslo SE (.1/1/72)

"12 BM

HE

H

146J8 m

11844 (8/Q

SINGAPORE

Straits Timas (1366) -

1 KJH

74S4 | 742.42.

75240

97846 ffS/S)

729. 87(1 E/S/82)

SOUTH AFRICA

Gold 11858)

Industrial (1MB)

— 1

m

nd

a

7™ ffilS

mi

SPAIN

Madrid SE (M/12/61)

104.9 ij

106.44

106.68

10647

167.45 C8/2/62)

88.17 (671/82)

600.47

697.76

655.63

404.17 (29/1/91)

1 i mmmm

244,1 1

244.1 j

MI4 (2/4)

2424 (17/IT)

WORLD

Capital ln«.(hUnn — 1 , 1655 i

1564 ]

1824 (8/ 1/81)

1884 128/9)

Bell Canada. — 17%

Bow Valley J 15%

BP Canada. 1 23*

Brascan A..- 20%

Brinco . 6

B.C. Forest,....— 10

CILInc. 25

CarfllJacFainnew 11
Camflo Mines — .■ 15
Can Camant. « 9%

Can K W Land*...;

Can Packor* ’

Can Trusoo — '

Can Imp Bank — < 26%

Can Pacific. 33%

Can P. Ent. ! 16

Can Tlra— —..I 32

Chlaftain | IB*

Comlnco- 1 49%

Cons Bathst A—.' 15
ConLBk. Canada] 7*

Costain r 7*

Daon Devt) :_;j 3J70

Dsnleon Mine* 27
Dome Mines 1 16%

Dome Petroleumj 10%
Dom Foundries A 34%
Dom Stores^. — j 15*

Domtar ■ 20x,

FaloonNIoksI 1 64%

Ganstar 1 19*

Qt-WestUfa. 1236

Gulf Canada. — J 13%
Gulf4raamReslJ 3.80
Hawk Sid. Can^.J 12%

HoIHnger Arsu>-J -8B -

Hudson Bay Mog; 18s,

Hudson's Bay. 19

do. Oil ft Gas.. 47%

Husky Oil J- 7%

I m as co I 41

On? OHA 22%

In eo 1 16%

IndaL..;. ! 12*

Inter. Pipe i 14

17%

147»

24%

197,

5%

9%

26

11

15%

9*

Petroflna. 4,5401

Royale Beige 5,400

Soc.Gen.Bana... 2.660
Sac. Gen. Beige. .J 1,466

Soflno _i 3,900

Solvay- ' 2,220

Trecton Elect..... 2,790|

UCB— 1<845

Union Ml niere.... - 776|
VI ell I a Mont. 1.600,

+ or

Feb. 19

DENMARK

Feb. 19

26% 26
21% I 31%

Mae Bloedel : 22*

Marks ft Spencer! 9

Massey Ferg 1 .2.08

McIntyre Mine*-; 36
Mertend Exp lor J 6%

Mitel Corp i 27%

Moore Corp.. 27

Nat. Sea Prods A 7%
Norand* Mines J 18%

Nthn. Telecom..
OaJmood Pet-.-’

Padfle Copper 1

Pan can Petrol—

Patino

Placer Dev.-.—

Power Carp,

Quebec Strgn —

Ranger Oil !

Reed Stenhs A .J

Rio Algom. ,

Royal Bank j

Royal Trust 00 AJ
Sceptre Res_

Seagram

shell can oil 1

steal of Can A

68% I

97* ‘
1.93
66
17
12%
13%
2.10

7%
11%
37%
83% .
25% I

B%

63%

16%

267,

rack B. | 9

Texaco CanadaJ 23%
Thomson NewaAJ 23%
Toronto Dom Bk. 27%
TraiuCan Pfpe _. 24
TransMntn.OIIA 9*
Utd. sisoo Mlnesj 5
Walksr <K) Res. J 14%
Wastcoat Trans- 12%
Weston (Geo) | 35

25%

54%

16%

32

1B%

49*

IS*

7%

7*

3.85

26%

16

10

34*

16%

20

64

197,

236

13*

3.96

12*

26

18%

19

48

7%

41%

; 22
16*

‘ '2 Jr

f-14 1

j 22
: 9
1 2.06
36

i 67,
j «7%'
1 37%

I 7%

1 18*

59%

10%

J.94

66

161,

IS*

13
8JB

7%
11%
37%
23

14
8

63%

167,

26*

9%

26%

23%

26k

23%

9%

6.00

14*

15
34k

Prica

%

Andelsbahken.... 126

Baltics Skand 366.4

CopHandelsbank 140

D. Sukkarfab 370.4|

Danske Bank 140

East Asiatic. 128.6

Forende Berygg. 632 |

Forenede Damp. 437 ;

GNTHldg 273 1

Jyake Bank. J 191

NordKabal 152

Novo Ind— (1,620

Papirfabrlkker...

Pr1vratbanken_..

Provf n than ken..

Smidth 1 FI) |

S. Berendsen

Superfos I

-25 (ACF Holding.. I

-I A hold

+65 >AKZO_

+4 I ABN

+20 lAMEVj..—

—10 f AMRO

+40 Bredero Cert

.Boss Kalla —I

Buhrmann-Tet _
Caland Hldgs— .

Elsevier NDU 1

Ennl*. HH .,.^H m ..!

Euro CommTrt...

Gist Brocades.. J

Hein eke n j

Hoogovans [

Hunter Douglas.

Int-Muller,_

KLM

+40

+6

—20

+ or

+4.4
■+l
+ 1
+ 1.6

+ 3

+CL4
-0 J
+5

+0.2

93

138.61

130.21

262 j

494.4,' +0.4
122 -0 JB

FRANCE

Fab. 19

Emprunt*g 1873

Emprunt T% 1875J 6^60

CNE«-

Price

Frs..

1,700

BIC

Banq' Rothschild

Bouygues

B8N Garvals

Carrafour

Club Med Iter

CFAO

CGE

CSF(Thomsonl

CSa Ban cal re

Cie Gen Eeux.

Cofimeg

CCF

Creusot Loire —

CFP —

DNB_. ^

Pumez

Gen^Oeckfental.

I metal.

Larfhrga

L’Oreal

Lag rand

Machines Bull

Uatra

Mlchelin B
Mdst-Hennesey J
Moulinex

1

+ or

, 2.64Sj

Air Ucrulde 603

Aquitaine I 151.1

Au Prlrrtemp*. 1453!

460

1993

1310
1,464
X,665j
666
623
496.5!
258.61
2313 "
3443
117
2663
BB

131.5
49

lit 1

9231
276
890

i es

in*
6 82
61

306 _
126,7}
3313
190
190
210
294.1

+20
+36
+ 16
+ 3
-13
—1.7

+24

+13

—30

+25

—1

+SA

Naarde'*;

Nat Ned cert,..
Ned Crad Bank..
Nad Mid Bank —

Nad Lloyd

Oca Gript an—

Ommeren (Van)„

Pakhoed
PMUlpe.

| AUSTRALIA

Price

Hs.

+ or

— ■ I

7631 —1.5

63.5 -0.4
264 —0.1

274 -2

4B3 —0.5
197^ — O.B
673 -0.1

36.7 —03

36 —03

133.e! -03

I073i "...

71.0;

70.51 +0.1

81.7 +03
16.1 -0.1
73 | -03

20.6 -0.1

92.ri -03
28 +03

108 -03

33 I +03
U63j +1
121 I -2

803| +3.7

Rljn-Sohelde 1

Robeco j

Rodsimco-

Roll n co ■

Roranto- —

Royal Dutch—....'
Steven burg'* — •

Tokyo Pao Hg

Unilever <

Viking Res. — ,....1

Vmf Stork.

VNU

Volket-Stevin
West Utr Bank— j

27.7,

43.1
24
343;

218

121.6}

208

139.8;

80.1
.783!

219 .
1573;

-03

-0.7

+03

-03

.

Feb. 19

Price
Aust, 3

+ or j

4.0B

-041

yi.T ,

1.6

ji itt- •

1.4

1.60

Audlmco

0.08

A ust. Cons. Ind..

1.52

— olo i

Aust Guarant.-..

2.20

-043

Aust Nat. Inds..

a.ao

+0.05

AusL Paper—

1.92

Bank NSW

2.65

Blue Metal

145

^O.K

Bond Hldgs

2,05

-0.10

Bora!

2.65

BTvflla Copper...

1.18

+ 0.03

Brambles Inds-.

2.17

-041

Bridge Oil

3.60

+042

BHP

8.38

-0.18

Brunswick OIL...

0.13

+041

CRA-

2.65

+ 045-

340

-0.1a ;

2.50

1

1 ■ M ir lTi j- i|i

3.48

+ 0451

0.66

Do. Opt*

0.46

.1

Cookburn Cemt.

148 ,

Coles (G4) _J

2.18

” ■*

GomaJoe

1.45

— d.flsi

Certain

1.90 (

1

44 1 -0.6 1

Dunlop....^...—...

0.93

+0421

Elder Smith GM( 4.00 !

+ 0.K1

JAPAN (continued)

I Price j + or
Feb. 19 1 Yen I —

Kubota 340 1 +2

Kumgaal ■ 588 1 +13

Kyoto Ceramic . . 3, 700 | —30

Uon.r. i 393 I +T"

MaedaCons~ : 550 j +18

Maklta 1 750 ; -

Marubeni.... j 320 +2

Marudai— 1 643 |

Marui 1 881 1 +«

Matsushita '1,290 ;

M'ta'Elee Works.! - 550 .

M'Wshi Bank ; 504 \ +4

606 | -1
306 • -3
445 ) —3

236 !

319 ’ +5
623 i +3
405 i +2

M'btmhl Oorp I

M'Wshi Elect I

M'bishlRI East....*

mhi„ ; .1

Mitsui Co j

Mitsui Rl Est— i...[
Mltau-koshi - 1

1 Nippon Gakki...

700”; +4

41

513

29

81.6|

—1 I Endeavour Res~j 039
-M1.2 jGan Pro Trust—.i * "
—03 iHartogen Energy)

....... - Hooker—

+2 : ICI Aiist.

+ 1.5 Jennings

135
4.40
137
139
1.10

0.40

1.43
0.10
035
3.00

Meakatharra Msj 2.4

116.51 +2 Jlmb lahafSOcFP]

+0.5 1 Jones (D) f

+0.1 .Kla Ora Gold 1

.+03 {Leonard Oil

+03 IMIM...—

ITALY

Feb. 18

Paribas

PecMney

Pernod Ricard.„
Perrier

Peugoot-E-A.

PoclaJn—

Radiotech 4

Redouts 1 893

Asslcur Gen —
Bancs Com' la ....

Bastogl Fin

Cantrata... — ...

Credlto Vareaino
+43 r Flat .u—.„

, Finsldar

+23 j Invest

+0.8 IHaJcomenH™

+ 1 fltalsldnr.

+13. Montedison ■

Olivetti 1

Perelll Go

Plr*ni Spa ... — |
Snla Vl*co* ...

Toro Amslc

do. Praf— ;

+03'

+1.7

—23

—273

+11

+2

+33

—9

+5

+3.1

Rttone-Pouleno _|
Roussel-Uclaf

StCobaln

Skis Ro*slgnol.._;

Suez

Telemeoh Elect J
Thomson Brandti
Valeo

1223
333
1763
532
4273
1.150,

310.1

2363} +03

+ 1
+13
+2
+ 13
-1.7
+33
+ 0.1
+23
+ 8.1
—7
+ 13
+31
+ 13
—2
+23
+ 14
13

Price

Lire

+ or

. Meridian Oil.

Monarch Pet I

MyerEmp.. ;

Nat Bank J

|3«W»„ .1

Nicholas int

North Bkn Hill—

0.17

0.16

1.30

2.60

136

132

230

numi BMi nifllo...! AMTW

Oakbridga. 1.46

Otter Eimsl.— 0.60

Pan con ...| 130

Pan Pacific 1

Pioneer Co_

160,476 +2,476
36,460 +110
234 —6 '

5310 +190

fills i|go Gl'

44° +3 W Redd tt ft Coin—

5.070 H-!50iJ3j“ (S£j ; ::

Southland M'n'g. ' 033 1 — 0.01

NORWAY

Feb. 19

Price

Kroner 4

+ P r

BergensHaks

1164

Borregaard

126

146

+ 1

lEikem . : „ rr . .

(Cosmos

1 Norsk Hyflro

' 51
380
375

f±:»

; Storebrand

220

36330 +30

1205

152.76 +0.76 Sparges Expet..
2,668 +108 Thos. Natwide....

2,515 +105 Too«i—

1.366 +55 I UMALCons

748 +13 j Valient Consdt..

1,700 +1 I Waltons-

15399 +449 Mining J

Woodsid# Potrai

Wool worths.

Worm aid Inti

0.12

1.33

0.12

1.85

5.00

0.B6

34* i
169,1
540 1
292 <

—I
+ 1

Nippon Sti I npan_; 960 . +11
Nippon SteeL— 166 I —1

Nippon Susan—; 255 ;

NTV 4,250 •••+30

Nissan Motor ' 827

NlsshlnRour. I

Nisshln Steal 1

Nornigra i; '.

NYK

Aria's Olympus U,060 ! —30

To 1 ,? Orient il,3B0 I -20

+QM Pioneer,.,.... 1,540 1 +60

Renown 750

lln'is Ricoh. — — J...j
• Sanyo Elect....—

".Sapporo —I

tSekJsuI Prefab...!

^0 02 ® h «d — — 838

Tq S Shislodo. — I B20

+u ' iSony *3,610

{ Stanley ..: > 373

-* > Stomo Marine... I 291
ZIo'm 1 Dengyo .... 680

TalselCorp- ’ 263

; TalshoP harm— J 626

+0J)5‘Tak«da 1,000

'Sin Sr - .4,060

......... ■Telkoku Oil— :

^jj-yj'TBS— I

—on? T ohio Marine

loo,! Tokyo Elect Pwr j

■ TolQro Gas

Tojwo Sanyo.—.'

SSTbSfT..::::::'

TOTO:— ..

649 ; -10
486 I —10
258 | +1
703 i +13
-10
+ 5
—10
-2
+4
+ 10
+8
-10
—10
, -10

238

80S | +46
440

476

930 ; +5 '
US I +2
BOB';' Wifi
21Q ! — 1
373.1+2
410

036

2.15

2-00

1.7

0.18

0.70

337

033

1.63

2,35

-oja

ToyoSeikan

418-

■-2

Toyota -Motor ...

1,040

-20

Victor

2,690

+ 50

Wacoat

760

+ 10

Ya/haha

884

—2

Yemazaki

561

+ 3

Yasuda Fire

239

■s

Yokogawa Bdge.

520

-8

-ojn ,

+0.06 SINGAPORE

HONG KONG

Feb. 19

GERMANY

Feb. 19

Price

Dm.

423
463 ,
130.8j
116
198

,+ er

AUSTRIA

Feb. 19

( CradrtanataJt-...

218

- 9

1 ■ ^“1 "• f “ v •TT7T!^>*» ; i

188

—

97

169.

Vettscher Mag!

200

BSBj

Price j + or

+ 1.2
+8
-03
+13
+ 6.5
+2

200 I —1
212 +53

224.6) — 1

+43

KLGIUM/LUXEMBOURG

Feb. 19

("*J Sat Feb 13: Japan Dow 7672.75 TSE 56738.

aR - af * ?0Q wcept AaetiaBe All Ordinary and Metals—
• T ^ Comon-gfe Standard and Poor*— tfc and Toronto— 1300: the

last named baaed on 1935. t Excluding bonds. 1 400 kidimrlsls. 1 400
‘sHUnavvasWiu* ** 40 • ,; - a »-"•«•% Mid 2D Transports, c Closed.

ARBED

Banq Int A Lux...,

Bakeart B '

CimentCBR 1

Coefcartli

EBES

EI set rebel ;

Fabrlqua Nat_._

G.B.Inno.

GBL (BruxLL.

Gevaert^

Hoboken —

Intercom... ,

Karsletbanlt.

Pdn Hldgs—.,..

Price '!
Fra

+ or

1,238 -14

d,9SS

1300 +60
1,605 +10
172 — 8
2.0101

4,5801

2,575j
2,435'

1.5201
1300
2395
1,365
5,010
5,760

+40

+29

+ 20
+45
+ 10
+ 40
+50
+35

A EG-Telaf — .......

Alliens Vera.

BASF:

BAYER. «...

Beyer- Hypo-

Bayer- Vereln 282.5

BHF-Bank .]

BMW_ - _

Brown Boveri
Commerzbank ...,

Conti Gumml

Daimler Benz—

Degussa

Demag -

D'sche Babcock.
Deutsche Bank...

DU Schult

Drcadner Bank-l 141.4} '

GHH

Hams Lloyd „.|

Hoechst— —

Ho each

Hotonann IP)

Horton._.^

Kail urid 8a iz J

Karstadt

Kauffaof. ....I

KHD ....

Kloeckner |

Krupp»

Unde— |

Lufthansa

MAN—

Marniesmarm

Mercedes Hlg

Metallgesasll [

bkiench Ruck— ' 1 688.5

SSBssi*

ROtanthaL

Sobering —

Siemen [

Thyssen- 7S3|

- 179.7

127

Vereln. Wqat — . 278
Voikswagen. : 148

SWEDEN

— 7” CheuDg Kong J

"Cosmo Prop ./

Cross Harbour—.,
Hang Seng Banld

HK Electric^ l

HK Kowloon Vfh.1
HK Land

Feb. 19

AGA

Alfa-Laval

Astra —

Atlas Copco

Bouden i

Collulosa

Electro) UXB

Ericsson I

E*seIte<Free).

Fagersta

Fortia (Free)

Mooch Dom

Saab-8kania

SandvildFreeu..

Skandia 1

Skan Enskilda ..j

_463; +0.3 (St KontnrluM

jSt Kopparberg..,
* Sven Handeiabn i
[Swedish Match..]
VolvofFrae)

Prica

Kronen

+ or

210

+2

■200

174

350

124

—2

220

+ 1

241

+ 1 ■

90.0

+0.5

201

+2

161

180

+5 •

108

143

+2

134

225

535

+3

2 22

—*

147

+ 4

308

+8 ,

110

—2

116

148

+4 j
1

HK Shenghl Bk... 14.7
HK Telephone,...
Hutchison Wpa—

Jardlne Math.,

New World De*_

Q seas Trust Bk.

SHK Props^

Swire Pao A.

Wheel 'k Mard A.
WheeTk'Maritra
World Int Hldgs.

+ 032

JAPAN

Fab. 19

Ib’I • 8 T own bowl.-

" v2 - a .CltMHGelgy

do CPart Cert*}^

Credit Sutase^J
Elektrowatt,— ...

FIsoher (Gao)—

!KS: p s^ s i:!!S

ISSSTrH MSS

1 Landis ft Gyr — ! 1.050‘

Ajinomoto j

Arrmda J

Asashi Glass j

Bridgestone.

Canon

Citizen

Dalai

dkbo.

Dal Nippon Ptg...

p^wa House

Daiwa Seiko.

Ebara....

cisai..„_, I

Fuji Bonk

Fuji Film ...1

Fujisawa- J

Fujitsu Fanuc

green Cross.

Hftsegawa— 1

Heiiwa ffiEtot— .

Hitachi —1

Hitachi KOW-.-J
Honda

Price + or
Yen ; —

15T.—

660 I

634 ‘ -13

—14

9 SO
316 |

646 I + 1
472 i -2
729 | -2

Feb. 19

Pribo

+ or

8

{Boustaad Bhd....

2.30

+ 041

Cold Storaae.

4j04

+ 048

DBS

8.00

+ 0.16

Fraser ft Neave..
Haw Par.._

6.65

+S.W

3.10

Inchcape Bhd ....

1.86

+ 047

Malay Banking...

6^X3

+ 048

oubc j.;;;

11.2

+0.1

Blme Darby '

2.49

-047

Straits Trg... 1

8.95

+0.M

UOB Z

4.16

+ 044

SOUTH AFRICA

Feb. 19 j

Price

+ 07

Rand !

AEftGI I

9.8 i

Anglo Am

15.20

+0.10

Anglo Am Gold...]

86.5 j

+ 0.5

Anglo Am Prop...;
Barlow Rand

3.3 !
10.201
37.75'

-0.1

Buff ai« |

-o.Bfl

CNA Invest.. 1

7.51

-ai

Currie Finance...;

2.6B(

-0.06

De Beers 1

8.43-

+ 0.03

Driefontein :

25.85

-0.16

FS Geduld.^ !

35.25

Gold Fields SA ...•

73

High vara Steel...)

Hu ion* 1

5.55
8.1 ■

Houaefood

Hoya

Itch

Ito-Ham .... ,

+29" t i 1 - 080

+10Q |JAL. Z‘2.^0

Juum 1 ggg

394

401

456

990

300

1,480

1,430

6,860

2,050

580

350

720

&21

763

098

787

317

400

KlOOf !

. Nedbank

OK Bazaars. I

. Protea Hldgs |

+ 6 jRambrant

+9 jRennies».

+4 f Rust Plat

+ 19 fsoge Hldgs

}SA Brews

-IQ 'Tiger o&t*.

+50 rUnisaoL./...; I

+70
+ U0

31.73 -0.53
6.50

2Q.2
3.00:
11.4 I
5.45
4.35i
2.90 1
4.85,
21
4.05

-0.06

~0»
+aw 1

+ i

+5.

+1

-3

+ B

+7
-3 ,
-1

Financial Band US$0.75}
(Discount of 26}%)

BRAZIL

Feb. 19

Price

Cruz

+or

Jusoo I

OarBuhrlle . 1 1 Mni -ji on i . t******

Pirelli

gy^hrlla -..J 1,2401+20 ^Kaeh^ama-::::

-<Ba

SandKlPtCtslJ sooj : Kokuyo.,.—..

Schindler (PtCt*> 288, jKomsttu ..."

Swlesvl ] 643 —2 '

Swiss Banlu.... J 2gi

Swias Reinsca ... 6,000 +XOO

airtavoijeEbk J 870 +3

Ba nk.— -j 2,870 +lo
Winterthur J 2,080 +3CC

Komatsu FifLL"
KonishrelKu

380

661

846

413

422

965

473

518

651

-1 ■
-10
-1
+8
-2
-1
-18
-1

Aeeslta

Banco Brasil

BelgoMin J

Lojas Artier.. ;

Petrobras pp |

Souzn Cna..........

UnlpPL .....j

1 Vale no Doce ...j

i.ao:

11.30 -0.fi)

3.40

8.05' +o,a

9.40 +0,23
730 —0.20

12.50

10.10: -0.1&

+ 7
+3

Turnover Cr. 834.6m.
Volume: 114.8m.

Sou ice! Rio dfe Jdneim SEi

NOTES— Price*

on Nils page are m quoted on the

,aaa«rz=M 35 l

DsaRnga

ci -it. ■».»_ , — # WMinryi

xo « drvKnnd. xc Ex scrip imu. xr Ex rights-

Financial Times Saturday February 20 19S2

19

i\

I ;

Companies and Markets

INTERNATIONAL COMPANIES and FINANCE

$145m
loss for
Volkswagen
do Brasil

By Andrew Whitley in

Rio de Janerio

VOLKSWAGEN DO BRASIL,
the biggest vehicle manu-
facturer in South America,
ended 1981 with net losses of
U.S.S145m on a reduced
turnover of S 1.03 bn.

The losses were 11 times
greater than those suffered
the previous year — the first

time the normally highly
profitable- company had gone
into the red — and three times
the November estimate made
public by Herr WoUgang
Sauer. chairman of the
Brazilian subsidiary. Operat-
ing losses for the vear
totalled Cr 22 hn (S175m).

While the problems of th.e
Brazilian vehicle industry in
1981 are well known the size
of VW do Brasil's deficit has
come as a shock. The other
major manufacturers estab-
lished in Brazil — Fiat.
General Motors and Ford —
are also known to he heavily
1b the red, hut have still m
publish their end of year
figures.

Volkswagen sales fell by
nearly 45 per cent, above the
industry average. One small
consolation was an increase
in exports to S370m.

Results published yester-
day revealed the importance
of the -5100m cash injection
given to the vehicle group
late last year, through an
increase in its capitalisation

to Cr 28.7hn (5225m).

As with ranch of Brazilian
industry', a key explanation
for VW do Brasil’s losses was
the high cost of financing
unusually large stocks. Out-
standing debt tripled during
1981 to Cr 29.7hn (S234m>
and financial payments
during the year amounted to
Cr lfibn (SI26m).

In nominal terms, VW do
Brasil's sales income in-
creased by 60 per cent as a
result of price rises designed
to make up for several years
of Government price control.
But with inflation running at
95 per cent during 1981 the
real result was a marked
drop in revenue.

American Motors reduces
annual deficit by 32%

BY IAN HARGREAVES IN NEW YORK

j AMERICAN MOTORS, the U.S.
i car company controlled by
Renault of France, cut its losses
by 32 per cent in 1931. com-
pared with 19S0. but by the
fourth quarter the company's
I performance had again started
1 to deteriorate.

j The company said it incurred
j a $47.2 m net loss in the final
i quarter, compared with a lass
1 of $2Rm in the corresponding
quarter of 1980. Sales fell from
3658m to S621m.

For all of 1931. AMC's loss
was SI36.6m down from
S200.Sra. on sales unchanged
from S2.6bn in 1980. AlIC's
unit sales of cars and .Teeps
were down 5 per cent to 311 569
on the year, although Jeep sales

saw a welcome 6 per cent in-
crease after a very difficult
period in 1980.

■ Mr Paul tippett .woh recently
took over as chairman of the
company' said that the lower
X9Sl.loss was evidence of the
company’s rigorous cost cutting,
which he hoped would be. taken
a stage further by agreement
with the United Autoworkers
union for AMC employees to
take a 10 per cent wage and
benefit cut in order to invest the
proceeds in the company.

The company said its efforts
to reduce losses, which included
n 13 per cent reduction in the
salaried workforce, restriction
on merit increases and hiring
and elimination of all but essen-

Narby receives £ a number
of approaches’ on Cast

BY ANDREW FISHER, SHIPPING CORRESPONDENT

MR FRANK NARBY said yes-
terday he had received “ a num-
ber of serious approaches " on
his SI 00m offer for sale of half
his Cast North Atlantic con-
tainer shipping business.

But the question of price had
yet to be raised by the dozen nr
so interests involved, he said:
j-‘We are certainly not at the
offer stage yet."

Eurocanadian in which Mr
Narby controls more than 60
per cent of the shares, an-
nounced the proposed sale
earlier this week as part of its
efforts to secure funding for its
new ship programme worth in
excess of S400m.

After a shareholders meeting
near Fribourg in Switzerland

yesterday, he said: “All share-
holders agreed that Euro-
eanadian should respond posi-
tively to these approaches and
work towards a definite agree-
ment."

This indicates that Canadian
National Railways, with 18 per
cent of the Bahamas-hased
Eurocanadian. is prepared to go
along with other shareholders
in seeking a solution to Us cash
problems.

Cast is also holding talks on
the deferment of some S50m of
progress payments on new
vessels. A large part of the
sums due on its new ships —
mostly from South Korea— -have
to be paid this year at a time
when shipping markets are at
a low point.

MacMillan Bloedel loss

BY ROBERT GIBBENS IN MONTREAL

Commodity
investment
without tax

I.G. Index Limited.

9-1 ! Gr»w eni->r Odns-.j

L«ndrtiib\MV\ tiRD * _

Telrph*w l1 I-S2i*‘ ^'*‘1°

ECONOMIC RECESSION and
the collapse in North American
housing starts brought an over-
all operating loss for MacMillan
Bloedel. Canada's largest forest
products group.

The company, now indirectly
controlled by. the Brascan hold-
ing company through Norand a
Mines, reported an operating
loss of CS26.7m (US$22ro)

against operating hcl income
of C$1 13.2 di', or CS3.03 a share.

After special items the year
showed final net income of
CS3.3m. Revenues were C$2.2bn
against CS2.4bn.

The fourth quarter operating
loss was CS9.Sm against net
income of CS5.7m. or 16 cents
a share.

The. principal factor in Mac-
Millan’s depressed 1981 per-
formance was the drastic decline
in North American housing
starts ■

tial expenditures” far new pro-
duct programmes would have
been more effective but for the
“extremely sharp” industry
sales decline in the fourth
quarter.

The company said its inter-
national operations and its AM
General subsidiary, which makes
military and postal vehicles,
had better operations ni 1981.

Mr Tippett said AMC expect
a slow improvement in U.S. car
sales beginning this spring.
Next month the company will
introduce the Renault Fucgo, a
sporty model, and. in June will
start producing a Renault
designed car in the U.S.

Salomon fails
to halt

Phibro decline

By David Lascelles In New York

PHIBRO, the large New York
trading company which recently
acquired Salomon Brothers, the
Wall Street investment firm,
yesterday reported a sharp drop
in earnings for both the final
quarter and ail of 1981.

Jt said the fall was caused by
the impact of the world reces-
sion on its trading activities,
which are handled by its
Philipp Brothers division. Salo-
mon Brothers, on the other
hand, “made a strong initial
contribution to profits in the
fourth quarter.” Phibro did Dot
detail Salomon’s performance,
though a spokesman said its
profits would be given in the
company's annual report at the
end of next mor.th.

Before it was acquired by
Phibro. Salomon was a priva-
tely held firm which guarded
its financial secrets closely.
However its profitability is a
subject of intense curiosity on
Wall Street.

Phibrn's net earnings for 1981
were $2S9.3m. or $4.23 a share,
down from S486.8m, or (S6.87)
in 1980. Sales and revenues
were up from $23.7 bn to
S25.1bn. In the final quarter
Phibro's earnings were S81.7m,
or $1.20 a share, down from
SI 10.2m. or SI .62.

Sharp fall
in profit
at

Darby

By Wong Sulong in Kuala Lumpur

SDIE DARBY. Malaysia’s
largest listed company, suf-
fered a 39 per cent drop in
net profits For the half year
ended, December, to 41.4m
ringgit (U.S.SlT.Sm), despite
a 6.5 per cent increase in turn-
over io I.33MT ringgit
(U.SJS5r0m>.

The main factors -we?e a severe
setback for- ■' itsi • Tractors
Malaysia subsidiary, the
plunge 'into the red by its
Western division and com-
paratively higher tax and
minority shareholder in-
terests.

Pre-tax profits fell by only 17
per cent to 102.9m ringgit
from 141.3m ringgit a year
earlier. Sime maintained the
4 cents a share grass interim
dividend but .hinted strongly
that the final dividend would
■be cut unless its performance
improved. .

Tractors Blalaysia reported that
net earnings were halved to
13.9ra ringgit from 26.8m
■ringgit a year earlier on sales
19 per cent lower at. 292m
ringgit- The company's most

profitable business — - selling
tractors to timber companies
— was hit by a prolonged
recession in the logging in-
dustry.- ‘

The subsidiary was also dis-
appointed that several major
building contracts in Malaysia
had been awarded ‘to foreign
construction companies which
are bringing, in their own
equipment .

The Western division reported
a pre-tax loss at S'.lm ringgit
-against a pre-tax profit of
1.6m ringgit. .The division
had incurred " substantial
losses " in commodity trading
and insnrance broking. Sime
as previously reported^ ’is in
the process of selling : its in-
surance and mnney broking
operations. .

The division is ' being re-
organised by Mr- Jim Scott,
Si mo's joint chief executive,
who was seconded to London
last month.

Pre-tax profits of Sime's subsi-
diary Consolidated Planta-
tions fConsplantl fell 4 per
cent to 42.5m, ringgit with a
similar drop in net profits to
25.9ra ringgitt on sales ahead
by 2 per cent to 120:2m
ringgit

Both Consplant and Tractors
are maintaining their interim
dividends at 7 cents and 10

• cents a 'share respectively.

Amro lower as
bad debts mount

BY OUR FINANCIAL STAFF

HIT BY bad debts, Amsterdam-
Rotterdam Bank reports a
modest decline in profits for
1981. It is holding its dividend at*
F15 a share.

Net profits have eased to
FI 263m (9101m) from FI 276.3m '
in 1980. after a transfer to risk
provision which has risen
sharply to FI 475m from '
FJ-2S5m.

Amro is the first of the big
three Dutch commercial banks
to' report for 1981, but already
ft begins to look as though the
latest results season is going to
throw up some contrasting per-
formances. Last month
Algemene Bank Nederland fore-
cast higher profits for 1981.

Amro was hit hard by bad

debts during the latter half of
the year. Having provided
FI 160m for risks in the open-
ing half, the bank has been
forced to top up by FI 315m

Total income was up by 11.1
per cent to FI 2.74bn while total
charges . including d epreciation.
advanced .at a slower pace — 7
per cent to FI 1 . 86 bn. Tins left a
gross profit of FI 8852U1, up
18.9 per cent

Gross earnings - rose more
rapidly over the second half of
the year as a result of measures
taken by the bank to reduce
costs.

The bank managed to expand
its balance sheet by 16 per cent
to FI 109.6bn at the end of 1981.

UK provisions push Oce
copier group into the red

BY OUR FINANCIAL STAFF

HEAVY provisions in the UK
have pushed Oce-van der
Grinten. the Dutch copier
group, into the red and forced
the company to halve its divi-
dend.

Net losses for the year ended
November. 1981 total FI 7.9m
(S3 mi after a . provision of
FI 38m against the cost of re-
organising the UK subsidiary.
The dividend is, going down to
FI 4 a share from FIS.

' Before provisions, net earn-
ings were FI 30.1m. compared
with FI 37.6m a year earlier.
The setback occured despite a
14. per cent rise in operating
<profits to FI 121.4m, which was

achieved on sales higher by a
similar percentage at FI l.84bn.

When unveiling sharply lower
nine-month results last autumn,
Oce estimated that its 1980-81
figures were likely to dip into
the red.

With the exception .of the UK
operations, nearly all group divi-
sions turned in satisfactory
results. But in the UK where
in 197? Oce acquired the Ozalid
group, major reorganisation
costs had to be met

Last year interest costs
increased by 50 per cent The
heavier financing charges
resulted from the growth of
Ore’s rental business in copiers.

Hongkong Telephone profits up

BY OUR HONG KONG CORRESPONDENT

HONGKONG TELEPHONE has
announced a 26 per rent in-
crease in net profits for the
year ended December . to
HKS272.ini, and a HKS5.5bn
(U.S.$930m). six-year capital
spending programme.

The company, in which Hong
Kong Land took a 35 per cent
slake in December, was only 12
per cent ahead after six
months. The main boost in the
second half was the increase in
June in the company’s share of
the Colony’s international tele-
phone revenue from 15 per cent
to 40 per cent.

Total dividend for the year

was Increased 21 per cent to
HK$1.55 a share
The utility’s revenues rose by
30 per cent to HK$1.79bn.

Pelikan
insolvent
and seeks
debt talks

By James Buchan in Bonn

PELIKAN", the West German
group which is Europe’s lean-
ing producer of office goods and
stationer), is insolvent and has
begun proceedings towards re-
scheduling its debts.

The surprise move followed
large losses by the Hanover con-
cern’s information technology
division in Hamburg.

The group, which employs
some 12.000 Worldwide and
recorded sales of DM 1.6bn
($67 6m) in 1981, began proceed-
ings on Thursday for a composi-
tion settlement — a legal* f rame-
work for a rescheduling arrange-
ment. The move was agreed at
a meeting on Wednesday
"between Dr Kurt Hackel, the
new Pelikan ‘ chief executive,
and representatives of the com-
pany’s. creditor banks.

Pelikan said yesterday that it
was confident bankruptcy could
be averted. The concern’s
assets position was “ positive "
and the board has begun nego-
tiations with the government of
■ Lower Saxony, which covers
Hanover, over a loan guarantee.
None of the 100 odd creditor
banks is believed to be in a
major position of exposure.

“I am absolutely convinced
that it will not come to bank-
ruptci'," Dr Hackel said yester-
day.

The Pelikan crisis is all the
t. more surprising in that Dr
Hackel took over as chief execu-
tive only five days ago. Dr
Hackel, 55, resigned as chief
executive of Grundig. the lead-
ing electronics concern, at the
end of January.

According to the company, it
had become clear that the in-
formation technology division
would record . losses of DM 80m
in 1981 after losses of DM 40m
the year before. The company
is considering closing the Ham-
burg works with the loss of some
1.400 jpbs.

Pelikan also experienced diffi-
culties last year with its affiliates
in the UK and Brazil.

SEGREGATED ACCOUNTS

are maintained for pur clients' funds.

For investments in. Commodities please complete the coupon
• . ■ andretura itto:

. . OXFORD IOTESTMENTS LTD

40 Murdock -Road, Bicester, Oxoh 0X8 7PP Tel: (0SQ92) 46441

Name ...: ; Position

Company i... ;

Address f ... -

COMMODITIES/REVIEW OF THE WEEK

Cash tin up again
on support buying

BY OUR COMMODITIES STAFF

THE INFLUENTIAL tin buyer
continued its activities in the
market throughout the week
dominating trading and posing
a number of questions about
trading prospects as cash prices
climbed further above futures
prices.

The crucial delivery dates for
the London Metal Exchange
will he February 24 to Feb-
ruary 26. when quantities of
tin sold forward inwards the
end of last year are due for
delivery.

The London cash price lost
£65 a tonne in yesterday's
trading to close at £8,830 but
gained £100 on the week. The
three-months high grade price
lost £52.50 yesterday and lost

WEEKLY PRICE CHANGES

£57.50 during the week. It
closed yesterday at £7,822.50 a
tonne.

Tin lenders in the Lnndnn
market were reported to be
making freer offerings yester-
dav and although the LME has
set” a limit of £120 a tonne per
day premium for lending cash
metal the premium yesterday
did not exceed £70 a tonne per
day.

The Straits tin price drop bed
19 cents yesterday to 33.21 ring-
git a kilo — towards the hnttnm
of the International Tin Agree-
ment middle range. The market
was considered to be weak apart
from the underpinning activi-
ties of the influential buyer.

The nickel market in Lon-

Latest
pneos
| par tonne
unless
i stated

Ch'nga Year
on ago
weak

19BI 82

High Low

w

t!

7

a

F

Aluminfum A S A 0 ',?^

Free Markets c.i.f 91065.1075 - SO

Antimony

Free Market 99.61,.. . . *2175,2275-75

Cooper-Cash High Grade ... .. £863.23 - 2.73
3 months Do. Do... . £803. ,5 —1.75

Cash Cathodes £862.3 -2.5

S month* Oo . £800.25 --2

Gold per 02 . . *367.5 —11.25

Lead Cash * £330.5 *1.23

3 month* *• £330.5 *0.25

Nickel . ... S52"ooI

Free Market c.i.f. tb 235 285c -5

Platinum per oz £260 —

Free Market per oz i’190.70 -0

Quicksilver *76161. S39S-405 *5

Silver per oz 446. 90p -17.05

3 months per oc 461 ^ 9 2 p —17.05

Tin cash C8. 830 * 100

S months £7.822.5 - 32 5

Tungsten Ind .*128.05 -2.51

Wolfram *22.04 |b, *124,128-2

Zinc cash £*55 . -l7 »,

3 months £439.5 -18.25

Producers *875 060 —

GRAINS _

Barley Futures L109.95w -0.55

Maize French I £133.50z —

WHEAT Futures £H4.40w -0.70

Hard Winter Wheat £113.502—1.25

8 ClovL . -'8/ £?»?®S y -

Pepper, white - Sl,975x . —

„ black. si.ASOx —

OILS

Coconut (Philippines! SS27.S* —7.5 •

Groundnut 3^ • : - —

Linseed, Crude - .

Palm Malayan ; S337.53 z —7.5

seeds ; 1

Copra (Philippines. 8350 —

Soyabeans 1 U.S .1 S25S —3

OTHER COMMODITIES

Cocoa Shipment' £1,180 — .9

Cocoa Future* May £1,144.5 —28

Cofree Futures Mar... . £1,277 -40

Cotton Index 69.63c .—0.4

Dc* Coconut £323 —

Gas Orl Fut. Mar >273 -0.75

Jute U ABW C grade £225y

Rubber kilo 43p -4.25

Sago Pearl £22Sy

Sisal No. SL. S640SM* —

Sugar *Raw £175xu - 7

Tap. cea No. I £220y —

Tea 'quality* kilo I25p —

.plaint kdo • -

Wool tops. 64»warp. 377pK.)o-10 .

£810.815 £810.815 £760 70
51460 *490 £ 1 500.1 53 D $1015(045

S3 110, 160
£785.5
£808.29
£782.5
£794.5
5507.5
£309
£318.5
£3.156
265*3050
£202
£213

5390-400

572. BOp

590.550

£5,875

£6.022.5

5144.21

5150 154

£312.25

£332.75

S825

53200.-5260
£1,023.5
£1.052.75
£1.025
£1,046
>601
£502
£405.5
£4.2 19.50
290 310c
£260
£230.90
5428,438
671.20p
695.70o
£8,985
£8.657.5
SI 49.08
5151. 155
*.553.5
£566.5
51000

s: 173.275
£755
£777.5
£748.3
£768.5
5367.5
£273.75
£285.25
£2,915
225 275 C
£202
£185.60
*350.360
412.BOp
427.00p
£5,700
£5,865.5
5125.54
8120,125
«306.5
£318.25
S823

£98.90 £111.80 £94.40

= £134.50 £119.75

: £12 £.10 £99.10

£105.50 £124 £102.0

£4,300
52,000
S 1,600

£404

SS35

5410

3311

£972
£886.5
£1028
95.55c
£640
iZ 19

56p

£205

5780

£357

£212

122p

67p

£ 6,000

32,150

31.650

3640

£460
* 5645

5430

'£540

£5.800

51,850

51.225

5520

£400

5475

S33S

S248

£1,416
£1.315
£2.332.5
101.15c
£680
S3 29

£267
G5.S5
—252
*780
£515
■£235'
14Qp
67p

3 14p kilo 400 p kilo

£850

£789

£733.5

67.20c

£525

S265.75

£2 IS

A5p

£197

*640

£148

£207

1 17p

59p

294p MIC

! i
i
i

:j l

I

7 i

*■ i

i Unquoted- <g) («1 April. l»'i May (vi Mit-Junn l/l Mjr-

Apnl. (*) Feb-Mar. (zj March. “ Ncmmal. 5 Ghana cocoa.

don ha*! had its ups and downs
during thg last week and closed
Iasi night £87.50 a tonne down
on the week at £3.040 a lonnc.
The price stabilised after re-
cent sharp losses.

Copper ha| traded in a nar-
row range all week and closed
last night in London £2.75 a
tonne down on the week at
£865.25 for cash. The market
seemed most influenced by pric-
ing purchases to balance a
period of general selling.

A joint subsidiary of British
Petroleum and Brascan, the
Canadian natural resources
group, intends to invest U.S.S
50m in Brazil during the next
few years mining and prospect-
ing for tin. The scheme was an-
nounced yesterday in Rio dc
Janeiro. Brazil is already one
of the world's leading six tin
producers hut consumes almost
ail her production. The Erascan-
BP operation will invent in the
siate of Rondonia and the north
east Amazon.

The long-awaited London gold
fuiures market is to open on
April 19. it 'was announced this
week. With markets already
operating in the U.S., Australia.
Hong Kong and Singapore the
London opening will complete
round-the-clock trading in gold
fuiures. Prices will be quoted in
sterling, a decision not popular
with potential traders. Never-
theless the 38 dealing seats
offered on the new markets at
£55.000 a piece were oversub-
scribed.

The decline in natural rubber
prices accelerated this week
despite talk of direct action by-
producers to shore up the mar-
ket. The RSS No. 1 spot quota-
tion on the London physical
market ended 4.25p down at 43p
a kilo — the lowest level since
April 1976.

In Malaysia Mr Gan Tech
Yaw. a former president of the
Rubber Producers' Council, said
efforts to support prices through
the International Rubber Agree-
ment had failed because the
agreement's buffer stock mana-
ger was barred from trading in
futures. If the pact was not
revised to suit their needs pro-
ducers nvght as well “ gi> it
alone " and form their own
price support organisation, he
said.

MARKET REPORTS

BASE METALS

BASE METAL prices, were little changed
cn the London Metal Exchange, w.th
lhc eiceouon ol nickel, which taushed
a low ol £3.040 bolore rallying :o Cloac
at £3.063. Copper clamed at £893. leed
at niP.5. zinc at E438 and aluminium
at £607 The backwardation on tin
narrowed at one point to £50 at cash
metal le» :o £8.810. bul reverted to the
more normal £115 level at rhe cicse.
with three months material a: £7.360.

a.m.

COPPER Official

or D.m. - or
- Unofficial -

£ £ £ £

HighGr de

Caah B 64. 5-5.3-7.75 865-. 5 -S.75

3 mtht 891.5.2^4.5 893.5 4 +2

Settlam't 865.5 - 8 —

Cathode*

Caah 863 4 -8.5 862 3 -3.5

3 months 888.5 9.5 + 6 890 . 5 +5,!5

Sattlem't 864 -8 —

E. Prod -- ■7S.3 B2__ .

Amalgamated Metal Ttadina ruto'lad
;.ia; in ttc morning h.gn ^rado cash
copper ■ raded ai £363. 64 53; t*ir*e
mcr :hs £830. 8S 5. 90. 90 5. 9'.. 21 5
32 Standard Cathodes Cash C£62;
:*-ree months £339. kerb. Higher Grade.
Three months CS91.5. 92 Allcrnoon
Higher Grade. Cash £565: three month*
£924 5. 94. 9AS 92.5. W Kerb. Higher
Grade: Three month* £692.5. 93.

Turnover: 21.600 tonnes.

Nickel — . Morning: Three months
£3.060. 63. AUernoon:'. Three months
L'3.070 Kerb. Thrco month* C3.C65. 51.
60. 60. 40..45. 50. TtWTiavof! 702 tonnes.

NICKEL ’ -a.nl. +.or' . p.m, ■ ;*■}• or
Official . — ’Unofficial ; —

Spot 303543 —12.5 303545 —12-5

3 months 3063-70 -15- 3065-70 -ID

■ i 1 '

* Cents per pound. 1 MS per kilo,
t On-; prevrous unofficial close.

SILVER

Silver .-was fixed 0.€5o, an' ounce
iswer lor spot delivery .in.. the London
bull. on market yesterday at 446.Ep.
U.S. cant equiuste-nis -of the fnmhg
level* were, ipot 329c. uc *5:7d; three
month 659'2c. up 25c;. ■ 3<x month
BSQ 2c up 1 5c; and 72 monrh 952.5c.
down ic The meui opened at *43-
■M7p 1323*3280 and closed at **8-
45*:*p f 328-833CI

GRAINS

' The market openad slightly lower.
No wheat- restitution and long liquida-
tion In barley eased old crops. New
crops wheat recovered Iran the ouen-
inn whila barley remained weak, Adi
reports.

AMERICAN MARKETS

WHEAT

MMLIY

SILVER Bullion + or L.M.E. t or
per fixing p.tn. —

troy oz. ' ■ price ;Unoffie‘l

spot . .. . 446.900 — D.SS 444.5p -4.0
3 months.461.90p -0.55 459.85p-5.9
6 months. 477.20p “I. OS — ....

I2months.SG9.20p -1,10- _ — . .

LME — Turnover 31 (118) lots of

10.GOQ ozs." Morning: Three months
481. C1.5. Kerb Tkree months 461.5.
61. 51.5 Afternoon. Three months
462.5. 62.8. 60.5. 59.7. 60. Kerb; Three
montns 4 60.5.

COCOA

TIN

a.m. 4- or p.m. r
Offioial . - Unofficial'

High Grade £ £ £ =. £

Cash 8810-20 -75 882040 '-65

3 months 7850-80-50 7820-5 -52.5

Sattlem't, 8020 -75 —

Standard

Cash 6810-20 -75 BS2040 -65

3 months 7850-60—40 7820-5 -:2.5

Bsttlem't 8820 -75 —

Straits E. :S33.2t -0.19 -

New York —

Tin— Mommg : S'andard: £2.350. 20.
3. SCO 10. 29: late-Fob £3 423: three
£7 350. (50. 50 Standard

Cjs*' £6.320: laie-Feb £8.400' Ih/ee
mc-tiis t7.370. AUernoon. Standard
Casr. £3.640. 50. 20. iHrea months

£7.860. M. iC. 50 30. 2D. 25. 20. fern
Three rnijnin* £7.330. 40. 65.
70. Turnover: 4.310 tonnes.

Futures, remained weak as further
trade and commission house sailing
depressed ericas in thin tredmg con-
ditions. Actuals business remained

scarecc, reports Gill a & e Duff u a .

fYos'rday'a. "+ or , Business
COCOA Close — I- Done

Marsh : . 1182 83 -3.0 ; 1189-77

May 1144 43 -15.0 115B41

July 1182 63 --fl.O i 1170-58

Sept 7173-74 —11.0 1180-69

Dec 1 190-9 L -6.0 i 1196-86

March 1207.10 -3.0 ■ 1215-07

May 1216-19 -1.0 1222

_ iYarterd'y*; +or jYait' rd* ysH* or
Mnth dose ' — J dose i —

Mar.. 110,60 •' — 0.55' 106.30 -0.60
May..* 114,40 -0.15 10B.95 :-0.80

July,..; 118.00 -0.16- - ^

Sept.- 107.00 i+0.10* 103.50 '-0.10
Nov...* 110,60 i+OJIfi 106.30 1-0.10
Jan....; 11440 - ; 110.15 —0.10

Business done— Wheat Msr 110.85-
110,50. May 114.40-I-U.30. July 118.06-
117 SO. Sept 108.90-106.80, Nov 110.45-
' 110.40. Jan 114.30 only. Sates; 304
lois of 100 tonnes. Barley: Mar 107.00-
108.43. May 110 15-109.95. Sept 102.50-
102 40. Nov 106.30 only. Jan 110.15
only Sales: 279 lou of 100 tonnes.

HGCA — Locational ex-farm spot
prices. Other milling wheat: Eastern
109.33. N. East 112.0. Feed Barley. E.
Midi. 106.00. N. East 107.40. The UK
Monetary Coefficient for the week
heginmnn Monday February 22 is ex-
pected to remain unchanged.

LONDON GRAINS— Wheat: U.S. Dark
Northern Spring No. 1 14 per cent Feb.
118.30. Mar. 120.50. Apr. 110 tram
shipment East Coast sellers. U.S. Herd
Winter 13b par cent Mar. 115-30 trans
shipment East Coast quoted. English
Feed fob ,Mar. .115. Apr./June 118 East
Coast sellers. Main: French Mar.
133.50 sellers. South African Yellow
Apr. 80.50 quoted. Barley; Englieli Feed
for.. . Apr ./June . 114.35 East Coast
sellers. Rest unquoted.

RUBBER

Sales: 1.331 (3.133;* rats of TO

!trncs.

ICCO— Daily puce -i oh -Fob if 5474.
(95 15r Indicator pries lor Feb 22:
34.9a i X !4).

COFFEE

a.m. + or p.m. ->■ or

LEAD Official — Unofficial —

£ C £ . £

Cash ..... 330.5 1 - 5.5 330 1 - 1

3 months 340 1 -5.23 3S9.25 .75 -.75

Settlam't 331 -5.3 —

U.S. Spot . - *28

Lead — Morning* Cas-. £330.5. 71;

rnanhs L3i8 28.5. 39.5. 29 45
Kerb Cisn £321. three months £2*0 i.
ZO 39.5. 39 39.5. Alicrncorr- Cash

rii*:. :hr Be months £339 5. 40. 29 =
35. 29 3. 40 *eib. Three months £ 53?.
23. .79 5. 28. 39 5. Tjrnoeer: 10.275
".crncc.

aum. + or p.rrT + O

ZINC Official — Unofficial —

. £ £ 1 £ ' £

Caen ; 4S3-.6 -.26 «J4-6 —.5

3 months! 43H-.5 - ; 43940 —1

S'ment... 433.5 -.6 * — i —

Primw'tai — '42.75-376-

Zlnc — Morning: Cash £434. 33.5: three
mcin-hs £438. 33.3. 38 Kerb- Three
•ngnihs £439. 3S.5 Afternoon; Thrna
months £423.=. 33 . 33.5. 39. Here:
Three months £423. 28.5. 79. Turnover;
2.7C3 tonres

Altirmnm a.m. +or p.m. +or
Official — Unofficial —

. Lena, liquidation c a r . nrm d the recent
decline from me contract highs, reports
Dre/e! Burnham L'mbort. Dealer ' and
chartist sclKnq loflnwqd a- lower ”C”
opening betaws th& markotJound fresh
support

-.Yesterday's ! ■

COFFEE _ _ Close.. + or. Business

— — Done

. it por tonne

March... . 1562-64 " -26.5 1380 60

May -1276-78 -32.0 1395 74

July . 1237. 38 —24.0 1250 52

Sept. 1217 18 -22.01233 17

Nov... .... --11B0-00 —1-9,5 1205-00
January... 1175-00 —27.5 —

March.. ... 1160-00_ —24.5 _ — _

7jiea: 4.925 - f 4. 563 1 lou of 5 tannes.

ICO Indicator prices lor February 18
(U.S. cents par pound). Comp, daily
1979 137.80 (138.23): 15-day everage
127.37 (132165). '

GAS OIL FUTURES

The market epaned at the Iowa and
atPadied -on norvouaneaa about the
asreivjth of -prompt -pfrvsie el- priceg-and
stronger European currencies. 5audi
rumours and book-squaring kept cnees
Strong reports Premier Man.

The London physical market opened
e Mile lower, was steadied by fair
interest in the futures market through-
out the day but closed uncerttfin.'
Lewis and Peat recorded a March fob
price lor No. 1 RSS In Kuala Lumpur
of 2D0.0 (207.5) conu a kg and SMR 20
179.5 (sama).

j | — —

No. I . YeatVys ; Previous ; Business
R.S.S. ; close - close Done

Mftr ..... 43.EO-aS.ro* 44.00-44.40 43.8B-MJH1
April ...* 44.30-46,611 46.00-46.60 . —
Apl-Jne . 45.4D-46.70: 46.4MBJ0. 4640 46.80
Jly-Sept '49.40-49.50 50.00 50.10 50.I0-4BJ0
Oct- Doc 52.70 52-80' 6I.30-6S.40. 55,30 52.50
Jan Mar 55JH56.90 6C.4M6JO 5B.00-55.30
Apl-Jne 5B.nr-6B.U 58.60-68.60 ' 58.80
Jly-Sqpt E1.80-B1.90: GZ60-82.60 1 EI.BO
Oct-Dee 64.88 84.90. 6MB-HA8: 64.88-64 70
Salas; 553 ( 526] lots ef 15 tennea.
55 i'B) ibis of 5 tonnes.

Physical closinq prices (buyers)
were: Spot 43.0gp (43.50 p): March
48.00p (saint); April 48.00p (same). .

SOYABEAN MEAL

50YABEAN MEAL — —

The market ooened N around Cl lower
on light trade soiling, reports T. G.
Roddick, and remained depressed.

NEW YORK. February 19.
PRECIOUS METALS and copper con-
tinued tinder pressure from technical
sntfcng. Comihiefson house liquidation
in anticipation of a build-up in wire-
house coffee stocks touched eff a major
as 1 1 -off. Grams and 'soyabeans were
con ei shandy lower in response • to ■
bearish planting intentions report.
Cotton was lower ar an apparently
constructive pfentsd ecreegs failed to
genereta buying inSsntsr. Hasting oif
- was. mixed amid rumours . that Saudi
Arabia would cut! production by two
nuHton barrels, reported HtinoM, • •
Copper— Feb '71.26* fTlJO), March
71.40-71.55 (72.00). ' April 72.80. May •
73.6S-73.75, ! Jitfy 7B.0O-7S.7O; ' Sept
7.870, Dec 80-40, Jir 81.20, March

83.00. May 84.75, Judy 86.50. Sept

88.40, Dec 90.90. ....

•Sold— Feb 383.8 (388.51. March
384.7 (389.6). 'April 389.0*70.0. June
377 5-379.0. Aug 38B.B. Oct 398A D*c -

406.0. Feb 415A, April 425-1. June .

435.0. Aug 4AJ; Oct 455.0. Dec 485.2 ’
‘Platinum— April 345.0-347.0 (366.0),

July 355.5 (368.5). Oct 368.0-388.0. Jan

381.0. April 398.0.

Potatoes . (round whites) — March

78.0- 78.9 (79.9). April 84.1-84.3 (852)
Nov 78.0. SeTes: 4S2 . • -

7S liver— Feb 819.0. (831.5). March

819.0- 823.5 (834.0), April 832.0, May

840.0- 845.0. July 884.£L36S;0, Sept 883.0.
Dec 921.0-922.0. Jan 928.6^ March 950.1.
May 971.6, July 393 .1. Sept 1014.6. .
Dec 1046.6. Hsndy snd Harman buKon
•pot: 823-BO (830^0).

Sugar— No. 11: March 13JEM3.58
(13.75), May 13.61-13.84 (IS’.SI). July
13.75-13.78. Sept 13.85. Oct 14J», Jen

14.20- 14.30, March 14.SW4S. May
14.6-14,70. Sales: 11,885. •

Tm-.73CL0O.74S.0O (735.00-7*5.00) .

CHICAGO; Febrcezy 19.
Lard— 4 Chkego loose 22.60 (same).-;.

Thursday’s closing prices

NEW YORK. February 18. ,
t+Cocoe— Mareb 1948 (1B31). May
1976 (1873). July 2003, Sept 2045. Doc
2073. March 2103. SMes: 1,932.

C offee ‘ 1 C'-' Contract: March 166.(S-
15650 DB8.33), Miy 1 43.25-1 43.S0.
(148.00), July- T3&.53- 136.00. Sedl
130.50-130.75, 'Dec 126.20-JZ7.00,, March.
123.50, May 116.00-123.00. July 123JX).
Sales: 2.060.

Cotton— No. 2: . -March . B3 .20 -83.30
(62. 37), May .65.65-85.80 (84J5), .July

68.20- 06.25. Oct 70.95. Dee 72.01-72.10,

. Live Cattle— Feb S6.75-68.1S (88 20).
April -64 JO-64.17 (64.25), June 62.20,
02 05, Aug BO. 60-60-60, Oct 58 65-58.52.
Dec S9.00-59.05.

Live Hugs— Feb 51.15-5150 (51.82).
April' 46.65-46.70 (*7.27), June 49.75-
49.90. July 50,90-59.05. Aug 48.85-
50.10. Oct 48.05, Dec 48.30. Feb 48 SO
WMalze— Nterch 2B3h~3Wa >288»i).
May 275^-275*^278^). July 2843.-2841,.
Sew 288. Dec 2WV294, March 3C8
. Pork Bell lee— Feb B8.55 (70171.

Mart* 68.90-89.15 (68.20), May 7040-
70.60, Jiffy 70.00-70.20. Auq 67.97-68.25.

tSoye bea ns ■ M arch 617-6164 (620*.),
May' 631460*, (6343.). Jiffy B46-645V
; Aop- '8Sa S5 0*z.. Sept 653 ** Nov 959-
659*,. Jen 073. March 688.

. . WINNIPEG. February 19

SBariey— Mar. 127.20 (127.50), May
19D-23 - (130.401, July . 133.40, On.
134.73. Dec. 135.40.

■- 5Wh*at — 5CWRS 13.5 par cenr pro-
tein'. content cil St. Lawrence 22289
(273.94). (samel.. ...

. H Soyabean Meal— March 185.2-185.4*
(186.01, May .166.4-185.6 (186JJ, July
188.6-186.7, Auoust 1902. Sent 192.0-
192.2. 0« 192.0. Doc 194.3-194.5, Jon

196 a

Savsbasn Oil— March 18 43-18 45
(18.55). May 19.10-19 18 (1932), July
19.86-19 87, -August 20.11. Sept 2040.
Oct 20.65., Dec ZIJJ5. Jen 2 1. 26- 2 T. 20.
March 21.80.

IWbeet— March 353-359*.' (361V).

May 371 >«-371 V (375V). July 3MV.381V.
Sept 398, Dec 415V-41B, Month 431**.

.. All .cants par pound a* -ware ho us a
unless otherwise stated; * S per troy
ounce. 1 Cents per troy . ounce,
tt Cents par 56-lb bushel.- 1 Cams
per 00-lb ttushel. U*S per short ton
(2,000 lb) . 5 SCs n per metric ton .

Sfi $' per. 1.000 sa ft- (Cents per
'dozen.* ft S per metric ton.

Much '73.80; Msy 74.90-75.20, July
*75; 60- Seles: 0,200/ .

□range Jules— March 129.70 (128.75),
Mey 132.85-132:90 (132JS). July 13S .20-
135.40. Sept 137.40. Ncv 138. 50-1 38. BO.
Jan ' 140.00- 1'40 25; March 141.15-141.40,
May. 142.30-1 42 iSO. July 142.60.142.90.
Sales; 850.

CHICAGO. February 18.
Chicago- Imm Gold— March 369 2-
368:8 (3m0). June 383.0-^3.1 (390.4),
Sept ' 397-1 . Dec . 41 1.4. Ma rch 426.9,
Joes 440.6, Sept 455 5. .

YesterdysQ- or BuDrurei
: Close | — | Done

£ C C £

Spot 582.5 3 -.75 585-6 -1

3 months 603 4 -.25 605-.5 -r.5

Aluminium — Morning: Cash £532 i:
:hr?e months £60*. 03. 0*. 03.3. herb.
Three months £504 Altereco*. Thre^
rrj -it's £605. 5. 06. Krrts. Tnrei tp*«iny
£607. Cfi.5. Turnover: 5.0M tonne;. •

Mnntf, Yesterdys +or Busmeos -
MOr ' ln close — ■ Done

s uVs. ~

- per tonne

February- .285.00. .* 5JD'ia5.DD-6lJfl

March 273.00 - t. 50 2/5.00 7 1 JO

April 266.25. - 1.73 267.25 65.75

May -- ....- 264.00 T LJ«iS5.00 ti.00

June. ./. 264,00 - 1,00261.30 ii.OO

July .. .. 263.00 — 1,00 £65.00

August,,.,, 273.00 .-2.00 273,00
Sept.- .. . 273.25 ■'-1-.K773.rS 73100

Oct. .. 270.50 - 1.25

Tu.-rrevwr tiaSS “(1.225) fats of 100

tonnsj.

• I . £

jper tannaJ

February...' I24.0a-»A

April..: I TBOJt8-SO.Z— 1.0B| issj«-ta.Ba

June.. J 13B.1D-28A'— O.BOl 13SJ&-E7.K1

August... 1EBJ0-8B.fl— IAS 12BA0
October^..:; izs.4iL2a.B-o.Jiri is«jb-b838

Dec- J 16tL60-aS.0:+O.SS —

Feb. i U1 AP-64JI.— OJSBl —

Sales: 88 (128) lots of 10 tonnes.

POTATOES

LONDON POTATO FUTURES— The
market was nervous on profit-taking
until firmness in Amsterdam
strengthened- pnccs. reports Coley and
Harper. Closing prices: Apiff 139.00.
-1.20 fhigh 129.50. low 138 80); Nuv
68.50}. -0.40 fhigh. 68.80. lew 88.50): -
Feb 76 30. -0.30 (76.5D only). Turn-
ouar. 881 [948} lots of 40 tonnes.

rifc 4 .

GRIMSBY FISH— Supply moderate,
demand good. Prices at. ship's aide .
' I ur processed | par atone: Shelf ‘cod
C3.50-E4.50. codlings E3.00-f3.60: large
Dimce C4.00.. medium C3.dfl-f3.70, be«
?mall C2.60-E3.30-, rackfish D^o: '

INDICES

DOW JONES

FINANCIAL TnVIES

Fehr J 8Fa*7i 7"*Mon tfi "ig t?; Y**r *op

.'■Dow.! .Feb.'-' Feb. j-MonthtYear
'. JonM,:-. IB' ' .17 f ago 'ago

Boot :I27-7T Z26.TS IZ6.0& —

946.6S £47.64 ! 250 JO 1- 2S8.Q0

FtrtCm 135.42 <136.20 1133.31 —
(Bute; . December 31 1974 — ICO) .

, (Base: July 1.1 382-100).

MOObY'S

Feb. ia'FebTTt Month agofYear ago

; REUTERS

Feb. A9 Feb. lB'M'ntri ago! Year ago

1010.3 llOiSXl | 1006:9 ( 1133.4

5608 A 1615.71 IfiZI.l J 1711 jO

(December 31> 1931—100).

(Bose: Saptembar 18. 1931 -100).

SUGAR

. LONDON DAILY PRICE-^Rsw eog«r
£175.-00 (£178.00) a none cri Feb-
Mereh-Apdl sMprnent. Whit* eugar
daffy- price £18240 (£183J»). •> . .

. Further oonunteefon bouse long Hqui-
datfan caused pdceete fell bsch sgsm,
reports C. Cxatnlkaw. ’ •

ffo.4

.Yeeterdej

l. • •

Cor-

, CiOM ,

i ..close

k .done- -

tract

■U- ;

8 per tonne : .

March ! 1 76.65>7«Jff 177.15-77^:

Mar.. -...17BJI0.7BA8177A5 77AO:H9AS-7ZJUI.
Aug.^,. , iaa.ts-«fliS(hua.TB4uufi’iM.«i:'njCf
Oct. . 1 IMJW&dfr IBS. 10-B9. HiW M «,»-

Jan *1M^B-M.7ei84.19-B«a

March J5-M.7S: W.W47.98 •

May — ;isa ^5 M.aB;IB9A5«.»:. -

. Sales: 4jS& \ • {*33SJ” Tots" of ''SO
tonne*., -.i •' ' ■' *'.

• Tate "a nri- Lyie' del ivery- 7 -prtc* "^for-
ffiBnuiatad tuple; ‘ white : suger. ,vmp.

£374.00. (same) a t onne lab far home

■ trade end C86.00 (£287.00) lor export.

' International Suger Aareei n eirt tU.S.
cent* per.: pound )fob. eod -stewed
.Caribbean . porta. '■ Pricea ' for Fab 13:
■Dally .pries'.. '13:47 (13.59): -. 15-day

average 1324 (13-23);

v:WQCL:ETJTUSES

LONDON- NEW 'ZEALAND CROSS.
.BREDS— C!mw (In order: buyer, sellar,
faiueioase). = New Zsatand cents for kq.

' M vi-MR 4».' mi; May J08J 412. 4T5i
<12: Aug. -435. 429. 43CL42Q: Oct 429
OP,. ,434-433; Dec. = 4S1; 435, 437-428-
Jan' 432, 438,' 437-430: Mar. '441, 444'

■ 4^440:;. May/443. .450, - 450-444: Aug*.
4«r 4SB. 480^55. ' Safes: : t6t : •

SYDNEY . GREASY WOOL— Cloec f/ n

■ orddrt buyer, ietlw.- bdatneaeii Auura.
nsn'-cena.'pe'rlg.- ft.i«li sjs.U. 515 5

:5«.3*512.H'.:.M»y.-E20Jh. 522.0. 523 51
521 .Sc'- July: '53J.0,.' 532.0. ■533.5:531 ,0- .
. Qc lS25jO, ^S2S ,5;~ 528 <G-S25.0v Occ-379 o’

‘ S30'J‘.- S3f .5530.0%'- March 53S.0, . 33S

546.0-3445. •

•'1

i:S'

f,-

i.C

if

jsj

S3

S3-

II*

S'

13'

3:

|r

s 2

ti V
■ ^ .

ti.:

5;..

20

BANKS, DISCOUNT (677)

AlAJitdCK D.scouflt tiU 220 3 45 C17.TI
Allioo Insn c<j 5. lMKLn 93

« «=p. \f 1. 117.21

Australia New Zealand Bank (AST) 237
- : j 4ir l'j i 5
ba-k A.-..nu isi.mZS] 9.9
bun. can ml iih u.-jj 5 (I 2 i 2 )

<■« *• kji«ini ..o*/ »£i» 2 *<j nb.zi

L-u. ■rvtjr.d ilL. 1 ! j. J £
b.. i r<i«<'lrcal <Cjii j.40® ,aa®
ba.lk KiSSf ias;i iu I. S it
bjnL Scat lata (£n 440 I :> ( 3
Bare iJrt ia.ll 470 2 3 4 5 b 7 8 80
brawn atualey iLi) 2 SO iV6e 21
Canadian Imscna) Bank iCS2» Ht

=.lk-.i vilj jju

Cnari^rnoinc 79 '• 60 1

Uive l; scaur.t (20p) 22 x 3
Com«flno F.n Os Paris iFFr TOO) 26. ft
Frr 4 'M 295

OciiUcnc Bfc AG (DM SO) S1T3U. New

1 CM 50) 56-'. (12 2)

Gerard Natl 260 i17.2i

Gillen Bros Discount i£ii ISO S d 40 3-

G , iH )£’*.. lb< a

Guinness Peat Grp 6S 7 8 9 71 2 3
Hambros l5pi 140 2 41; 5 7
Hill Samuel Grp 158 60 )

Kong Kong Snsngtul (SHK2.S01 130I; 1

2 a !■ 4 5 6
Jrcscl Toynbee 58

Joseph 1 Leopold! Hides (£1) 225 117.2)

King Shaxson i20pi 86 (I7.’2J

Klein wort Benson Lonsdale 224 5 6 U 7

Lloyds Bk (ill 467 8 70 1 2 3. 7':0CLn
127 i : 8

Mercury sees 212 4 5

Midland Bk i£1i 330 2 3 5 6 8 B 40.

7';peLn 65 6 ■:

Minster Assets 71 >.■ 2 >: 3
hMuonal Bank Australasia (ASH 155 7
Nacr Westminster C£T > 450 1 2 3 4 5 6
7 8

Ottoman (EZQ £10 «d.) SS'S*

Royal Bk Canada (CS1) 1 (Ph ( 17.21
Royal Bank al Scotland Gp. 121 2 3 b 4

Schraders (U) 410 23
Seccombe Marshall Campion i£l) 215
Smith St Aubvn (Hidgs.) 40 2 .' New
>1111 od.) 13 4 5

Standard Chartered Bank (£1i 695 700 2
Unicn Discoan; London r&ii 420 30 S
Wlnlrnst >20a) 1S7 9 61

BREWERIES (372)

2«i

91-pcLn. 1321}

AlUed-LrCUrt SI "it 2 ij 3
Amal. Distilled Prods. (I0pi 70 3
Bass 223 a 5 6 7 _

Belhavcn Brewery Go. 21
Bell (A. I r50p. 166 fl 70.

3 4 S 6
Baddlngtcns Breweries 153_ ___ .

Border Breweries iWrriMm) SC <1621 "
Brovin (Matthew) 164 6

Buhners* H. 6 p.> Hldgs. 301 i; 3 5 7

Cnrta miu il too

Clark (MaMliowi Sons (Hides) 162 (1712)
Davenports' tHIdgi) 134 6 a
Dcvqmsh U- A.) 362 5 '16,21
Distillers Co I50p> 169 70 1 2
Green jl| Whitley 109 10 I; 1 2
Greene King Sons '292 3>: 4 (I?i2)
Guinness lArthuri Son 74 <• 5 6
Hard-rs Hansons 565

Highland Distills ( 20 p) 81 2
Hlpsons 67

Hoi: (Joseph) 565 (16 2)

Invergorden Distills (Hldps) 158
Irish Distills. Group lr£0-5G
MacaMan-Glenllvet 450 116/2)

Macdonald Martin Distills A I50p) 355
(15.2). B 594 5 (17 2)

MansScid l£1) 336 40 (17:2)

Marstan Thompson EverShed 74
Mariend 210 (17,2)

Scottish Newcastle (ZDp) 55'; !j 6 1< 7 s ;
Seagram 2BLi (16.‘S)

South African Breweries (ROJO) 197 B
Tomatin 53 5
Vaux 150 123
Whitbread A 101 A 2 4
Whitbread inv. 109 10
Wolverhampton Dudley 212 41-
Young A (50p) 243. N.V. (SOP) 187
(15(2)

COMMERCIAL (7,461)

A-B

AAA Indus tries 33 5

AAH Hldgs PLC 90b 1

AG Electronic Prods Grp 123

AE PLC 43 i; 91; 50

AGE Research ilOpi 275 BO

A> Industrial Prods 13 l in (1712)

APV Hldgs. iSOpi 262. lObpcln 174

Aaronson Bros (IOpi 53 A 5>a

Abbev 36 117-21

Abcrcom Grp |R0.20| 176 (16 21

Aberdeen Construction GrP 212 5 4 5

A berth aw and Brlst Chann Parti Ce<n 360

Abwood Machine Tools (IOpi 9>>

Acrow 72 (16 2). Non V 45 & 7 Bpe
PtlyCnvUnsLn 51 "6 21
Adams and Gibbon 74®

Advance Services (IOpi 60 1 (17 21
Adwcst Gro 190b 2. lO'uxLn 230
Aero Needles Grp 20 H5 2)

Aeronautical and Gen Instruments 215

Albion (20pi 13

Alcan Aluminium ION

Ai—mders Hldgs nap) gi;. A dap) 7 i;

1 1 6 2>

Allebone Son HOP I 31 2>! M7<2)

Allen IW. G.l Sons 40 1-I; »>; «17/2)
Allied Colloids (lOp) 176 7 I 9
Allied Luther Inds. 260>: L16'2)

Allied Plant ODoi 3';®

Allied Residential (IOpi 17 9 <

A'lled Testae 199*

A'slni Hldgs. (5 pi 60 (17 2)

Aloine Salt Drinks riopi 69 fl2.'2)

Amal. Metal «£1) 555 7 (17.2)

Amber Day (20p< 13 5

Amcrfcan Tele. Tcleg. ($161) 31 >« 2b

Amsirad Cons. Electronics 220 30
Anchor Chemical 7fl

Anderson. Strathclyde 100 'a 1 i«i i: b

Anglia Tele 126
Appleyard 6ft b

Applied Comp. Techs, nop) 172 5 7
Aeuascutum <5o) 34 07 2*. A rspt 31 ■:
Arc olec trie >5p) 17 tf6-2». A (Sp) 13
Arcmon ia.i (10p) 32
Argyll Food* (too) 103. BpcPf. (£11

Ariel lads- 27 07,12)

Arien Electrical 22

Aril not on Motor 66 < 1 7.2)

Armstrong Equip. tICpj JJt 4
ArndlOe OOpi 40 «1«2}

Arrow Chemicals 39
Ash Lacy 27$ (16i2)

Ashley Industrial TsL 41
Assoc. Book pubs. «20p> 323 <1 5(2)
A3S3C. B-lt. Eng (12'ral 52 >• 3 I16'2l
Asset Brit: foods (Sp) 146 7 B 51
Associated Communications 79 h 82 3 4 5
Associated Dairies 140 2 3 3
Associated Fisheries 70 1 2 4
Associated Leisure. (Sp) 84 3 6,7 8
Associated New* Miners TM 90 i
Associated Paper industries 56 7 (1712)
Associated Sprayers flop) 27 (1212)
Aasodated. Tooling Inds- 53 <11133
Astbuty ind Madctey (HldosJ (20p) 90 2
Astra Industrial (IQp) I2Ja b 3- b «i
Atkins Bras. (Hosiery) 59
Audio Fidelity (10p) 14
Audlotranlc HMss. (10p) 5«; 6 W
Ault and Wlborg 29 (17(2)

Aurora Hides. 15 i< •» 6. 8 pc Cnv. 35
r 1612 ). 8-25pc Cny. 35
Austin (E.J and Sons-24 (17/2) :

Austin (F.i (Leyton) riopi 5 >-• b
Austin (James) Steel Hid 34 . 67*
Ainomnttd Security JHMsv) UOp) 172 BO.
■ ■jN^nv. 780 (1812). 8 pc Cnv. Ln. 147

Automated Products 52 -U f 1 7/2)

Avana Group <5 p> 50 3 5 6a 2 -
Ayrshire Metal products 46 (17/2) -

•BAT Industries 431V 3 4'5 6 7 8 40 2
BBA Group 35

BICC ISOp) 3)7 ij 9 1 i; 20 1
B L (50P) 17 a 9 . 20

7 8 9- 9pc Cuv.

BPB Industries (50p) 364 6 8 70
RPC 34 l; 5 Ij 6 ,

B-P.M. Hldgs. A ^3. NV B 92
B.S.G. Via 1 11 . nop) 1*«' 5- S
R'R (inn) 81 2 N *

BTR 352 4 14 5 6*7 8‘

Babcock Incml. 95 6 >2 7 I 4 8 g
Baggeridge Brick * 8 >;i i.: <16 a*.

KUS ^H.??SSI e *£?£¥> 1S n7m

Baird (W.V (£11 19« 7 B. 200 ‘

Baker Pcridn* Hldgs. < SOpi IOI -3
Bakers stores (La ads I . < 1 Qp)

B'mbers Stores * 10 o 1 60 1 U OT.II
Banro Con. Inds. iJOp) 61 402F2)

" u 6 "- 7 * *■

Barnet 173

Barker end Dobson Group (Ip) 7 «» v a
Barlow Rand CRO.IOi 417
Barr (A. G.) 223J ins 117-21
Nt ^and^ Wallace Arnold 'Trust 74 6\.'

Barra tt Ovbwnts. (IOpi 236 7 N 9 *'40 '

Barrow -Hepburn Group 33

Barton Grauo 2S

Baswtt <Geo.i H/cJav. 68

BaKi and Portland- Group 79 80 Is 1

Batlevs of Yorkshire O Do) 72

Besles (J.i Assoc.- Co's. <ZOn> 36 8

Beatson Claris 1 92

Beattie (J.I A 136*

Resuford Grduf* «Op1 20 «12'21
Beater <C. K.) (HWgs.l non) 145
Beckman ’A.) jio« 83 (17'2»

Hcecham Grooo 22R 9 .30 '■» 1 • ij 2 3 4 6
Bench wood Coort (Hides.) (iOP> 2o <;

Bel am Group :riooi 127 !* a 0 30
Belgrave (Blackheath) 1TW I172<

n*H $lme 1611 fl 5 ’ 2 )

Hril Canada- Com. Caa. -Sal) 700 (17^2)
helialr CpstneUcs ( 10»1 12 ( 1612 )

“-•way 84
Bemrrse Con. 57 ■

■•Kurt rpio w M^rhlnery (10p) 63',
Renter -Hides, (lop) ?g ■

Bunn Bran, ion 3 (1712)

Aw MS flop) 42 4
Reree Gro«'o 148i 50 r|T,ll
Berlslerp <V W.> 126 7 9 30
Berwick nmno 38*1 40
-. Bento bell SM
R«wtw-Pd dSo) 138 US'D
B-tt Bras. (20P) 45 8 (in)

Sevan F.) (Hrina.) (So) 14), (I7.'2J -
Blbhv <J.) Sons <5 n '>) 335 7 8 45
Riddle Hides. 145 417i2j
B ifurrat-d Enpu. 31 (16 2)

BirmM Oualcast 29*; 30i- 1 t? H 2 i? 3 «.
Birmingham Mint 176
Bishop's Group 1 1S (I2'2)

Black Edglngton (SOol 51
Black Arrow Group (50p) 32 3
Black (Peter) Hldgs- 238 40 3
Bldckwood Hodge 2 D 5 * I; 2v
Bland r" Noakes (Hides.) 11% (1712)

Blue Circle Intf. (£1) 496 8 - 9 50 02
3 4 Et 6 7';: 8 9 10 1 2 4 6
Bluebird Confectionery Hldps. 54 5 (17/2)
Bluemel Bras. 24 (1712)

JUundril-Perwipalaze Hldps. HldOS. 119
Boareman IK. O.) Intnl. (5p) 7':

Bedycote- Inrnl. 56 7
Bolton .Textile Mill (5n) 16 7
Boa er McConncir 70 1 2 3
Baosey Haw lees 125

Boot (Henry). Son* (50o) 215-61; a
Booth (John) Sens LBoJton) 33 (12J2).

Bo otb am Engrs. i£i) 148 (16/2)

Bents Co. 214 5 6 7 B 9
Barth wick iTThos.). Sons (SOo) .6 7 •

Boulton i.Wni. 1 . Group <1<S») 7 1 *
Borialer^Corpn. (£il;2i«9 55 '6 7 ij 8 9

BowtfKjrpe- Hldgs. ilODL 206. 71; TO
Braby LesHe OOpi 37 h S .

. Brady ' Industries . 68. A 50 T
Braham Millar Group CIOpl 24 r a - 117 / 2 )
Braid Group <5oV 48 - - ■

Brrtthwalte Engleeers 4 & 1 ) R25- 05/21
Brammer «1H.i OOt» 136 .

Bra non t£1J 40 *; $16/2)

Branvay- (IOpi 6l 2.' New tf.pll DOp) 62

Breedon Cloud Hill Lime Works 167 12 8
Bremner 44 417/2)

Bren green tHidgs-t (IOpi 48'; 91 a
Brent Chemicals Intnl. (IOp) 131

S im Walker Qpt 71 4
rtekhouse Dudley «10pi M
Bridgend Processes C5pi 4*; 5
Brldon 70 2 3 -*a 3 7 **

Brldport-Gumtry (HlcKri-l (20P) 30': (17/2)
Bristol Evening . Post 213
Bristol Stadium <5o> 45 6
British Aerospace lSOb) 181 I; 2 3 4
British Aluminium ©Do) 67 70
British Benzol Carbonlswig CIOpl ' 17'a*
British Build Engineer Appfiances 63

British Gar AueSon Group «0p»
British D redo mg 31 b <1712)
British Crarii Tractiao Did. 1-

« * 1 * S

14 Z 3 U

4 5 6 7

British Nome Stores >136 9 40 1- -BpcLn.

107* 107 •* 81.

British Mohair Spinners 47b _

British Northrop (Mp) 17 8 -

Brush steam Spe c l a l t tei Group (2Qp) 98
(17/2)

British sugar Corp. <Spob *OB JO- 2
British Syphon Inds. (20 p) 33 (17 /S
British Tar Products HO 01 43
British Vending Inds. OOP) .13 -(16®
British Vita 156 7

Brodchouse « h 1 >1 Jb . ___ .

Broken HUI ■ Proprietary t$A2) 490 5 DO Si
2 '<3458 9 TO 235 * , .

B ram sgrove Casting and M schilling (5p)

Bronx Engineering Hldps. (IOp) 13 4

b£& 2 Stroet Bureau of Maytelr (IOp) 2ft
■rw»'*g Rond Group SBV 6.1; -T -
Brooke Tool Engineering (Hldgs.) Z5- 1 *
Brooke Watson Grp. (IrOJOi lr£0.31
Brotherhood (Peter) (50p) 136 417/2)
Brown and Jackson (20 p) 27
Brown and Tawse ISO
-Brown Bored Kent (Hldgs.) 22 3>s
Brown (JPhni 58 9 A 601; 1 •

Brown *in.> invests. ODnl 100
Brownlee 64 (160

B running Grp. 95 8 (16/2). RstV SO
(17/2)

Bruntan (Musselburgh? 117 (15/2)

Brvant Hldgs. 78 8a 1
Bulgln (A. F.I (5p) 26. A -Non-V (Sp)
2 3> 10 H 4'; 5 «m: riH * 1 :

Bullough (20pl 179
Buhner aim Lump (Hldps.) - -aop) 45
Bunzl Pulp and Paper - 173 5
Barca Dean. 59 41
Burgess Products (Hldps.) 50 (12 12).
Non-V 42 (16/2)

Bumdene Invests. <1Sp) 71? (IK/2)

Burnett and Halls pish Ire Hldgs. B.S0* 90
£8.8 .9

Bums- Anderson (10 b) 27. V 8 b. • 11 PC

PtlyCnvGtd U nsL n . 85 B ftZ/2)

» Om. ills

Burroughs Machines 5'^icLn. 72 <12/2)
Burton Grp- ISOp) 1 56 7 8 9 >s 60
Butterfldd'Harvev IB h 20 1 ,

C— D

C. H. IrxL <10p> 21 =

Cable and Wireless (50fl)-Z33 4 5 6
Cadbury Schweppes H <1 ( '1 7
Caffyns <50 p) 132 <1S?2i
Cakebraad. Robey A On). (IOp) 42U 3 4
lit «■ 7 *'l

Cambridge Elec. hid. 106 S h 10
Camfora eng. It b
Campari Iiri. <20o) 52 4 5 .

Cam res (Hldgs-i £2Qo) 40 ■

Canning (W-> 66 7

Cantors . A (20p) 33)w 6 (T7I2) ■

Cauaro Ind- 26
Caoe Ind. 178 H7I2I
Capper^Nein (IOp) 61 -
CapsealS (5p) 42 3 4 06/2)

Caravans Tnt. (20p) 21 K ...
Corclo^Eng, 60. 10pcCnv.Red.PT. (£J) 82

earless Capet and Leonard OOei-136 40
Carnes 1 nt- (soot 23
Carr (John) iDoncasterl 76 7
carrlnstun. V)yet)a 12 k k h h I k
Carton (Hldgsj

Carr's MHIIng Ind. 72tjs 4 <16/21
Cartwright (R.) (Hldgs-i (IOp) 51 <17/2)
Casket (S.J (Hldpv) (lop) 28 30
•C«lt«s (IOp) 33 <12/2 1

S fflWf'M

Wtstlos Industries i20p) 15‘

Celtic Haven i5b; IZ'j* - ,

Cement- Roe dxtone Hldgs (ICO-25) go li 2
Central Sheffwood 1 5 o) 1 2 % 3-

Centrewgy Trust <50o) 77

Stock Exchange
dealings

The list below. tecM©Bd mtinty to squlttss and conmRibta Cocks, has been
taken with consent from last Thunder's Stock Bcciwnoa Official List and should
not bo reproduced without pennies tet. It shows prices at wMcb business ms
done In the 24 horn up to 3J0 -pm on Thursday and sotted through the Stock
Exchange Talisman cheating system.

The prices are not in order of execution, but In ascending order which
denotes the day's highest end lowest dealing price.

For those, securities in wtf>cti no business was recorded in Thursday's Official
List, tha latest. recorded business dons during the previous four business days
is given with relevant dates appended. Tha number of -bargains -done on
Thursday in ex* section i* shown against tha lespecthro sub-headings. Unless
otherwise indicated the shams are 2Sp fully-paid.

: Bargains tt special prices. & Bargain* done with a non-member or executed In
overacts market; « Bargains done prevtoos day. 5A — SAimraUan; 5B — SBahamlan;
SC — SCanadian; 3HK — SHong KOng; Sj — Uamafcaii: $Ma— SMalayan; sMe — tMedcao;
SNZ — < New Zee/andi JO— Wmotporx; SUS — lUolted States: SWI — SWest irdlan.

Financial Times Saturday February 20 1982

Cham

7 *

,sp) - - -

_.anne( TUIUU

a !5»r ,6e3

Chambers Faroes isp
Change Wares C20u5
Oiannej Tunnel fn«a

30 1 3

Chloride Group „~

rter HOof 4

.Injwt (SP) 18R
§_7 JU b ft b 9

lnierre»«o«i*T OOP) 132 4 5 6 ft
Church 173

Private and public funds
combine to create jobs

BY ROBIN PAULEY

AN AGREEMENT between
Hampshire County Council and
an industrial conversion com-
pany is oneof the first big moves
in England to create jobs by
linking private sector and local
authority finances.

The project wHl provide 300
jobs and enable small companies
to start up in 65 industrial
workshop units without the
usual heavy overheads. The
Conservative-controlled county
council is providing the capital

to. buy a site at Portsmouth.*
Regeneration. • a private com-
pany, will invest £600.000 in
converting the Victory House
offices and warehouses into the
new workshops, and in ' re-
furbishing them. .

The units' will he in ‘a range
of sizes, from 240 sq f l • The
county council ■ and Regenera-
tion will be responsible for .the
conversion, letting and manage-
ment of the workshops.

LONDON TRADED OPTIONS

Feb. 19 Total Contract* 1444. Calls 1054.

April 1 July I

Puts 390.

oet. * r

«*- .‘SETS©’! v- Zssn v* vo.-

Equity

close

460

500

100

150

140

160

360

Barclay* (e>
Barclays ic'
Barclays ic<
Barclays ic
Barclays ip<
Barclays ip'
Imperial >c-
Imperial ici

Imperial ic)'
Imperial (p> i
i as mo ic' i

Lasmo ic' j

Las mo ici
L asmo ici
Lasmo ici |

Lasmo I

Lonrho ici |

Lon r ho ici |

Lonrtio >c> ■

Lonrho tot I

Lonrho <pi )

Lonrho idi i

P A 0 ic' I

P&o ic)
P&O ici
R aeal ic)
Rncal (c)
ftacal ip)
Raeal (pi
Raeal (p)

RTZ ici
RTZip)
HTZ(p)
RTXtpi
Vaal Rfft. (cl
Vaol Rf«- (c)

February

70

2

1

3

1

6

2

1

50

T

56

a

3

10

SO

72

SO

30

17

5

3

39

ii

100

10

to

- i

4 |

30 i

30 l
3 !

85
2B .
14
4
1

20

IB

— I292p

C-Call

PsPot

Clay (Richard) 42

SBff’a-reSfwm

N-Vte

n 6/2)

(HMgs) 235 (10/2).

MM

c tS , ^» r fflf/S 0 " 1 45 7 ' 7J4PCUt t5WZr

Comblncd English Stores (l2<ap) 38 >2 7
Combined Technologies Corp {IOp* 20 >i

Comet -Radlavlslan Services tSoi *110 2
■I* 3 .......

Comfort Hotels I mer national , Cl On) .17 h.

Computer and Systems End. (20p) 242

Concentric flOol 44 o ,

Concord Rota flex Cl Op) 53 '«f«U)

Conder IntL 72 * *

Con Umovs Stationery (IOp) 20 . ,■ .

Cook IW.) (ZOp) 18 1 ? 9

Cook ^(Frederick) {Hldgs.) UOo) W 9

Cooper Ind tut. (IOp) 12U
Cone Allman Irjrl C5n) «J X

Copson (T.1 (Sp) 22 (16123
Cooyde* ()0p) 42
Corah 39 '2

Cornel l Cresses fiSp) 166 7
Cory (Horace) <5p) 15
Conlt. 35

Costaln Group 272 Si4««. Old. 246

c % m JU ' < %'?*7 f iZ AMOd4ti - **'*

Courrtrysldo Prop. 114B* <16.'2) . * ‘ '

Courtaulds It I. 4] ( k (Q -
Courawy Pop# (HMgs.) (2 Op) 62 416/2)

s«^r-2 B ■ A7, cw2>

^ S: gti 70ijw:0 ’ T -

Cray electronics (IOp) 1-15 7 <17f2)

fcrean ijamv-i rfiajsi £ 1.23

Crest Nlcbolaon Cl Ob) 93*; 4 5 6 7

S'Sr ” " * 4 .' a >• *“•

Croiute Group 26
Cropper (J4MW 144 (16/21
Crosby House Group r-£I) 142
Crosbv Woodheld (IOp) 7^ (15/2)
enough CDereW (20oJ 137 417/21 .

Crouch -Group 110 BdcCitvAji. 19W5-S6

-Crovm House 66H 9 «i 70 . . _

Crovvther (John) Group 19 20 (1S/2)
C^ystalste HkMij (5c) 57 % 6 i- 9 (17/2)
_9Jycpivj Ln. 1 999-2000 157-5
OriteiS Stores A Ncn-Vtg- ■ C20 p> 196

rioidCi

3i*ncCiivXn. 1974 . 94 .

Currys Group 186

Cuss/n* Prop. Grp. 63>s (19/2)

OR* 69 70 3

Dale Electric intnl. (10p> 71 4
□alppry 328 S 30 12 3 4
Dantah Bacon A 96
Dank* Gowertun 48 ( 16 . 2 )

.. ..

Davenport Kni t wear (IOp) 210 3 (17-21

aOP > »«v(17/Sr A

°ss: (SE {^,2?-

Dawson Intnl. 134 5 6 7 ‘ ,,,a

La Rue 697 8 700 7

B *steurem* -.778,

dShT Sre i 2 i ” PCU '- Mh * *

Denteply 9pcLn. 65 L
Oevritron (IOp) io 1 ». 2

og' 1 ^T(. Bn ?i ‘rK’ffl

crol. , r‘ t T4« n< ' 5 S 3rtn<T aot,} 13 *- °®- A
D|Wvtlurst Dent (ZOp) 8 l> (152)

D amondStyluJ flop) - t ‘2 (173
Olnkle Heel (Sol tv. (16(21

O/p'ama (IDa) 215 6 7

Dlvon (Pjvloi Grp. 127
Olsons Photographic MOD) -175 7 Kn
16 <1S.'2> 80

Bdl * n0p) 77 8 14 1 * »■«*■

gww lg , '*ht MJ Hldps. 73

DM e ’"^ C ?rtip, U2 3 fS > - ,alS 0*21
8.20

Drake Scull Hides, dpi 51 2 1 - °

m.Wte ,B ?S»Ti y"™ (10W “ H 5

nurtH* jte ets 115

4s - '°^ eQw *

°i20% te c20,,, 57 fl NiaQhT pl (£11

‘it"’ 70 * 1*1

Duoort (501 11 2
Dwek Gro. (load 61- (1712)

.’f 9 ”SI2>r.N-V1a. A
7i^cCnv.Uns.Lfi. 140

E-F

EIS _Grp. 119
f-R-F. (Hldg*.i 40' i
East Lancashire Paper Grp. 51 (16121
Ea st M idland Allied Press A 89 90
s3T r Or4° < l'o* (5Qt» 80. WtS.

Edbro rHidos; 97 (17/21

105 l16i2J

Ejecp Hldgs. 79
!«Aracomp©ner>ti tlOpv 157
Elactromc Machine 35
Electronic Rentals Gro. 87 8 gi-

Elleiiroid Mill 101 m (I6'2j

Elliott (B.j 96 8

l‘iiir t E^ird ,7 , , i8 <15W

atas, 0 ^ s - ) <15,,, 28

Elsarick-Hopper (Spl 7i;

Emm* (Tbeodorer 125 30 (MUZ)

Empire Stores .Bradford) 80 2
Em an <5o>- 91: E16.-2)

Energy Services- and ElectroMes.nOn) 29 H
l S U |l'Vif' L> 50711 (Wellington) «5p)
-English China Clays 162 k 1 4 1

iBsn. Hte 53 ^

Eurojman Ferries 81 \ 2<i 3 . 1 * 41 4 tit b
Eurolltenn Intnl. (IOpi 326 8 30 H 3 *
Eva Indus!*. 30 1 ■

Eraits and Owen 95
2 weed and Co Hid as. 18 (12/2)

LOCAL AUTHORITY BOND TABLE

Authority

( telephone number in

parentheses)

%

Ka owslev (Q51-54S 6555) 14J

Rochford (0702 546366) 14J

Annual Interest Life

gross pay- Minimum of
interest able sum bond

i-year

4-year

£

1.000

500

Year

4S-

2-5

Erode HI das. (20o> 76
Excalibur Jewel lerr (5p) 9 (18/2)

|ReeirtjSf Clothes ( 20 n) it a < 1 S(Z>

Expanded Metal 71 Z 3
Egd ^Wip 275 60

Fai rd o ugb Construct Ion Group 1J2 «
Falrdih* Textiles (5 d) IMFIWj
F a l rHne Boats nos) 42 0212)

Fj’nrle" Estates (SOpl 102

ssg. E JsFag^^gj /,«
gas tf gajflftgg “ < ,f «>
jaag' jayfagy. s «

7 am>

SRmJSS mom , „
hmS n* a

5"ils Sosa To

SS ssg Sb’V' 1 1

g~«,gsriffl“Sa 5 t , s ,A 7 . .

night Refuelling (Hldgs) 25 5 p 62
Fl*ar Coro. (SO 6251 *7Ai * (12/2)

Fobel International (10 d) 21o h
F ooarry IE.) * Co (30o) 70

M* m L Hrto 141*.- Non V.

(5a) 13 f 41;

Footwe ar ln anstry investments 78 7
Fora ^Internal, enal CapKal Corp fieri. n.

SSite^U'^o^V' " nsm

zzs*'&s?nuTtirp h . nvm

Foster Bros Oat hi no 84 p 6 7 8
Foster (John) & San 27
Fotherglll 6 Harvey 1340 6*

Fra nos Industrie* 7B

Fronds Parker < 10 p» 20 . 7ia>cLn. 64

(i 2 /a . .

freemans 132

French K4er Hides 1O0 u <i 1 >i
French CRtomsa) 6 Sons (10a) 130
FriedTand Ooggart Group 93 (15/2)

Fonts 0 Sbs or Com Stfc (YfiO) 1770 80

Fdtiira Hide* 80.

G— H :

GO. Paper* 22

GEI InternationaJ (20») 74p G. IOpcLu.

GSL (HuJbs) 24S
GslUford <5p) SSo 61 '

Garforri- Utter Industrie* (SfO 27.h
Garner Booth 70 <17t2) .

Garton* <)Op) 9h (16/2)

Gasftril Broad loom (2 Op) 38 <16;2>
Gate* (Frank G.l 61 (16(2)

Gaunt (Rowland) 44 5 ( 1 A" 2 )

Geers Gross (IOp) L 2 S 7>i 8
General Electric 823560:78930
2 3 4 S 7

Ce n tner Hktas. .170. Do. Ord. Cap. 68
. 11622 J. A U/i-S 8 & .A.OriL Cap.
GO (1«1Z). lopcln. 661: 6 (16TC)
OBWj now. 70. Do. Non V A

Grave* Gro. C 20 p< 39
OR. Dutfus Gro. 1B0- 2 3 4
Gillette (SI) S32*i <16>l2i
GtenRelo Lawrence 46 (16/21. Do. B
20 C16123

S lot* Glover Gro. (5p) IIS 6 7. Do.
New ora. (SP) 116

Glaxo Gro. 7-kpcvn. (SOpl 4S5 6 8 70 1 2
Chord Hldgs, CSOJA 485 6 8 TO 1 2
Oloeson <61. -J.i (ConcrecMrw CIOpl'- 98 «j
Glossop 79 80 C17r2>

Glyowed 1 C 6 7 H Ji) » fipclA. 69
GokJOera CAJ 58 7 60
Gonvne «Jdg*. 26
Goodklnd.CW.) (IOpi 36 - '

Goodman CSoi 17* L* 2»l«* 1* 2*

>1* Sp-** 4« 17 >2 k I <: k « k
«l 20 f 2

Goodwin «.) (EMrinecrsi (IOp) 15
Gordon. Goech Hi 00%. 1S8 60 '

Gordon. CLuOl Gro- 30 2
Gramoten HWb*. 60
Grampian TrieWs'di' 01 Oj8 39*

Granada. Grp.-A 23S 7 B 9
Grand Metropolitan CSOp) 195 Jr 7 8
9 1*901 H 2 3 4 7
Grattan 36 9 IOO 2
Great Universal Stores 483
Grestermana Stores A mo -SO) 462 (17/2)
Greenhaok 'Indurt. Hldgs. Cl On) 2 S *2
Gr»«ri. rids Leisure (IOp) 24 C16»a>
Green's Erona miser Gp. 146 (15/2)
Grimshaw* Hldgs. dOo) IS
Gripoerrods Hldgs- flop) 10 S
Group Lotus Car (IOpi 28 9 SO 1
Guest Keen NcttWoM* (£15 160 1 2 3
4 S 6 7>* 9. 5-kpcLn. 74i : S‘z

HAT Gp. nop )- *1 4* ' 2 Ij . 3

HTV Gp- (Non-vtg.) 120

Habit Precis/ on Eng. CSp] 14 (ISO)

Habitat Moth era re (lOo) 119 20 2.

ahpc

Heden 217 8 22

Hafl^ £n^*/ldgs.V flop) 466. 71/PcLn.

Hah (M.l 218-20 2 -

Hmllam Slatafa ChcAon (IOp) 13 5

Hiiute Kid as. rtooi 2.05 6 ulE/2)

HaJma nop) 111 .

Halstead a.) (HldgsJ (IQp) 57 ij
Hempsqn Indmu. 15c) »i* it (17/2)
Hahger Invest*, (top) ZSb*
diardmea- 00.251 55 16/21
Hanover Invest*. (Hldos-1 flop) 37 (IE/21.

Nor,v». mop) 37 ( 12 / 2 )

HamoirTrt. 149 -50 V 1 2 3.' Hew 160
12 4 6 i 2 PcLa. 166 1. 90«joLn. -1.16h
7h | J b

Hargreaves Go. (OOpi 4b «7/2)'

Harris <P.) (HIdBS.J C 20 pt 78
Harris Queonsway Gc. UOpI 134 5 S 8
Harrison Cowley (Hldgs. I <5p) ; 724**! i-£
< 12 r 2 ) .

Harrison (T. C-) 81 1
Harrisons Croat. eld (£1) £7 k li •

Hartley lod. Tit. (20p) 28 ( 13/2)

Hawker Sldddey 326 8 9 30 2 4
Hawkins and Upson 28 £ (17/2)

Hawley Group 77 8 9 80
Hawtln (5p) BU 7U
Hay (Norman) (lop) 45

131 <«“>

Head lam Sims Coggins. (5p) 51 2 ' •

Helene of London (IOp) .17»i» l 1/ .

Helical Baf 1 »u (17® *

Hend erso n (P. C) 138 44 S (16/2)

Henry* <20 p) 112-4 S w

Henrloues t Arthur) (IOp) 2 Z
Htpwortfi Ceramic 102>i 3 li 4 w
Hepworth CJA Sons (lap) 90 '1 1 2 3
Herman Smith (IOp) 24 h
Heron Motor Group 31 -

USERS S^ 3 35 115,23

Hewden -Smart (IOp) 37.8
Heywood WlUlitns 31 3

HlCklng Pentecost (50o) 80'

Hickson Welch (50p) 241
Hlgro Hill 144
Hlghams 59 (17/2)

K!St5£ ytf.Joft cftop)-5i 2 (is/ 2 )

2 SiP*! OOP 3? (16/2)

-

SMir «” 121,30

Hlrtten (Amoi) ’So Hi HOP) -301

Holdon (Arthur) Son* 182
HoJ ai Group (5p) 81 3 (16/2)

Hollis Bros and E5.A. 22
Holt licryd Intnl. (top) 52 3 -
Home Charm OOp) 133 4 6

65 f,5,2>

Honda Motor (7501 180 2 (13/2 )

Mm i a o7^ m 1 2

House «« Fraser 164^5 6
House of Lerose 94 (1712)

ItoWdWJ WVndham (20 d) 7 (17721. A
(20p) 7ij* 9 pcM £2Op)..i0.«6/2)
Howard Machinery 25 h 6 i|* H 7

Howard ■ TMens Sendees 62

Howden Gro»p 164

Huohta Tool (li) 171? (17/2)

Hu'rtn Com (W» 360

Humpbrlfc* fifdg* 15

■HunsJet (HidBaf-yso 60 (T2T2) ■

H nS (MlddletoiO <5p) 15.

,.0™. (5*1 8 flSI2) .

Hanttoii - AssodSted Ind 2SS
Hunrieigh Group Mod) 113

iraUSr S? ds , n < ^ 0,,, 106 B

Hyman O. end J.) rep) ini

I-vJ— K

1CL 45 6 4a' 7 >: B 950

trarock Johnsen 70 3
(2oSl 0r i3 - U M 2 ,T,B 00,0 ,8ij ‘ A f N -VJ
, 40*1*2 3*^4^' 6 ,Bd tt1} 334 * 9 7 8 9
"yfTK 1 ?4* n l 21 b 2 is 3 l* 4 ij 5 le
Ingall rhds nop» 411;

WT7,«

Ms earth vs Pharmaceutiemli COpl 140
McConwodale IfiOp) 145 8 9 50
Madcav 46 (12,2) .

MCXKhnlP Bros 103 list t4l lOoriJl
■ So) 100 Clfi/Z)

MacLMIao ip. w.l (20 p) 30 (16(21

Macpherson i Dona Id) Group 79 'a 80 1

(17123

Magnet Southerns 148 9 50 2
Magnolia Group (Mpudlings) (IOp) 56

. MaMn (J. J.) Paper Mills 160 (15(2)
Management Agency Mush: ilOp) 113*
Manner* OUdgs) 160 3
Mioganesa Bronze Hldgs 29
Manor National Group Motor* (20a) 1 0'j.

IZocLn 491; 51 (17,2)

Marclwriet 132 6

Marks Spencer 1371; 8 I; It 3 h 4D 1
Marley 43 <; 4

Marshall (Thomas) CLodev) 47 (12/2). A
Marshalls Halite 91

Marsball'a Universal 74 6 8. 7'zPcPr
(£13 67 (1612)

Martin ^Albert) HVdg* (2Qp) 26(t 7 (15;2)
Martin-Black 35 C16.'Z>

Martin The Newsagent 320 2 6 7
Mjrtooatr Intnl i20p) 216
Matthew* (Bernard) 96 1 ; 105 8 10
May Hassell 63 S
Maynards 188 (1S.'2>

Meal Trade* Supplier* 84 «•

Med ml rater (IOd) 66 ( 1 7,2)

M ego let HMgs (5a) 12 3b
Meliras (Sal 7
Melody Mins 19*

Memcc (Memory Elec Comp) (10a) 225
Meiuies (John) (Hldgs) 238 40 2
Metal Bov (£1) 178 80 1 2 3 4
Metal Closures Group 122 (17(2)

M«a) rax Group isp) 44
Metamcc Jantinqoe 21 (17.2)

Mottoy IS. Did 10

Mayer (Montague LJ 70 1

Midland Industrie* (5p) 65

Miller (F.) (Textiles) «10p) 83 (1612)

Miller (Stanley) Hldoi nop) 11 *2 06/2)

Mllletts Leisure Shops (ZOp) 84

Mining Supplies (IOp) 109 ■: 11

MteMI Com - 541; 5 . 130C Cnv. 93 41 -

MltchelL Somers (IOp) 45 - •

Mboeontreto (Hldgs.) 879
Mohan OOP) 17 9 20
Modern Engineers of Bristol 26 (16/2)
Molln* 178 1801
Moiynx Holding* (20p) 38 OS/2) .

Monk (A.) 66
Monsanto (S2) 36* .

Monsanto 5 PC Ln. 126
Morrtfort (Knitting Mills) 49
More O'Ferrall (IOp) 135 (16/2)

Morgan Crucible 120 12 4
Mormon Supermarket* (IOp) 160 3';

Mots Bros (20 p) 143 S 8
Mco* Engineering 109 13
Mas* (Robert) (IOpi 53 (16/2)

Mount Charlotte Inv. (IOp) 201-
Mowtvm (John) 190 1
Mulrhead 128 30 2.

Muntori Bros- (IOp) 281;

Myson Gro dp (IOp) 29

N — O — P
HOD! 103 4 8 7 8
“9 ( 17121 *™ C10B, 185 ^ ,0pC Cbv '

Nmh Securities 45 (17/2)

3^ Ri0 ' D5) B7 *

Nee pe ea d 17 8 i;

Nell aoid Spencer (IQp) 30 1
Nelli (James) 33
New Equipment (IOp) 26 (17121
NnvarthIJI (£1) 499 500 4
Newbold Barton 52 3
Newman Industries 10
Newman-Top ks 62
Newnurt (Loal*) 3SS
New* IntenuttiontJ 90
Nlthots (Vlrnto) 183
Ntenon Elec. (rso> 201
No ble a rm Lund (lop) 8>;

Nortras 107 i; 8 ii

Norfolk Capital Group (Sp) 521 . *

N^M'fN^OO^ &X fl*®

s*' 2 *

gS 5 °

144

N»-Swlft Inds <5p) P 35i; S'

AN-w?tSo <FOGCwean 122 aid

OJhres Paw MJir <20p) 77
OTYmpu fRedacre* i2Dp) 24 MAW7 1

SOJ Lfimvagw;-

^-Knol. 135 U6 2). l A 5 -5-it» 1» 2
p ! A 3BI, <16,21

7U h V

Ingali inds nop» 4)i;

Inonm (Harold) (lop) »1 . . .

‘lBWal_ 5prvlce»_ 282 9 (1TT)

"US* Gfl» (ZOp) 46 f7 Ij I h 9
*; 50 »; 1 ■; 2 I] 3 4 S

! n rS! 1,7m® (ig-2) 01,2SK 32,1 5 TB;2>

Isle at Man Enterprises (20 p> 43 (17/2)
JB itofdina riOpl 12B 7 • > '

Jacks (Wmi 22- <17(2) • ■ •

Jacteon U-- H. B.) £3 pi. 49 ,, .
Jacksora Bourne End 148 0 2/2) .

Jam es (M aurice) Inds OOd) 24b 5
Ja mt aon a Chocolates ClOo) -54 - flS/2)
Jarvis OP -San* 290 8
Jeavons Eng 54 n£’Z) . .

. Jenka- . Cjttell .42 ODZ)

Jerome (5.) Sons (HtdBs) 66 6 9 (16<21
Johnson Firth Brown H5 k k S k7 t
Jo/i —

£*J8L*'?i8 ^

Peafson Longman 206 • •
p ?!*? on CS-) and Son 233 9 9 40 1 2 3
_TQllPcPt.Uu S3 98 SI 1 * 3 ’

5j*f N Wgs. (70) 13 4

120 1 < 12JZ>
Ftole r-Hptterslay T96

H,<tes - fM>o3
Penrla od Mds. flow 66

12 3 *• «*«■ 15-

FerWn-E/mer 4pcLn. 1*1 06/2)

Perry (H.> Motors 9a ‘

Petfeow Ktdos. now 63 (17,^i
P*ters S tore; flOol 78 BO
petrocon Group uaijpj 73 g
Km 1 ?? ^ C 1 0B, 21 3. BucPt. <£11 71 p
Philips Finance SlaacLn. 444. 5 ij ( 17/21

0 ? dS ^I 27 " 3 * OffiO ■

. JF&O* Co. 920

r ""??* fl-oncJdnl 53 (1 S OU

<10P> 6h Cl 712). A MV <10 p)
P_tfrj Hldgs. (20pl 207 12. A (2 Op) 198

pf 1 m^ffiv2T , 5iSr > - a0 l? ??L, B A* 9 *>

Hitnc-y-Bcvre, 5J;pri.n. 55 <1612)

Mttard Group 51

'1^7 2 *

PUxton * CGB) 136 117/2)

Ptoasmma isoi 405 7 8 10 3
Plesaay Co. reop) 365 6 7 8
Plvvi ciOo'i no Jhl v- 41
PwN Peck iHiess.) reoi" 348 52
pSJSi" 520S- B'cad-n. 142 <17.-2,)

P orte r ChadOurn QOcn 43 4 S

KSJT.ii Nww - 107

DyBrvn rjop) 248 SO 1 3 4
P fl«1 FJ £n8rB ' 60 n7l ' 2> - 58

gceedv_r».l and Sons 67«

Press Tools 29 H6,2i

Press rw.i Group now 72 3 4'

Pressac Hldps. (IOp) 29
Prestige Group 125a) 14SP
Priwvrich Parker Hldgs. 30 «2?2)

Priest (8.1 Group 78
E r !™5 ^ ;»»a)es S3 (1«3) -
■Pritchard Services Gro. BOij U»* is.
Pullfnan (-R. j.) (Sp) 48h S (15/2)

Q— R — S

Oorat Aatomatton (IOp) 91 24,

Quick (H. JJGro. CIOpl -42

.-Jason Gre Cleaner* 221
Johnsoii Matthey (£11 298 9

Jones -Shipman SO (17/Z1

Jones (Edward) Grp (IOp) 13 (18/2)
Jones Stroud (HMssV 93

>t

's 70

into}. (IOp) IB't
Selmrourt (Sw IO 1 , 4,

Senior Eng. Gp. flop) 23 b 4 «17?)
S/urna Ware /20p) 13»i 5 07/21

Sharro (Chsries^rjTl? 500 (16/2)

Sha^w <W. NJ Hldns 435 40. A N-Vtfl

SHmv Martin (IOp) lft*s
Slaw Carpets (Ido) 18
SMW (Francis) Gtflp) 13'

-ihftfteid Reiresnment Houses 85 riS/2)
Shiloh Spinners 22

51 dll w Group (50p) 174 5 6. New (50p)
17^ 0

Sirtw Gorman HUBS. 170

Silverthorne Group flOp) 37 117133
Simon EiMleecring 405 8 '

sser. 0 ib 2 l> f W- A791:BO " 7 ' 23
11 34 6 1S0CL "

Sirdar 113 4 1 , 6 7

!^*£J- U 2 ft9e 9

smaiHhaw <rj Knitwear rion) 22
Smart <JJ (CoittractorM jIOPJ 58
Smito N e phe w Associated (IOp) 110 b 1

Smith (David S.) 1 Hldps) I20p) 91 07/23

£**>«.) Son I HUgs) A (50D) 168
,7P, B (IOp) 33 112)21
Smith Whitworth l»> Idt 5 <12121 _
Snrith* induscrrM reOol 335 4 1-789
42. 7 hocLn 1985-90 150 fl«(2)

s !S.i t 3sr^ , 1 i < r 9 9 Bp “ DW

Sole* A (Reg.) I50d) 37

28

So m cortex Hldgs 75'- 7
Sortie Sound Audio Hldos flOpl 101 41612)
Sotheby Parte Bans Group 327 8 30 7
pond Diffusion (Sp) 773, 8 9 80
Sparrow <G. W.) Sons (20p) 47

Spear Jackson 106
S nrar < j W.) Sons 91
Speedwell Goar 14 <17-2>

Spencer Clark Metal <20p> 15
Spencer Gear* rsp) 14i.

Spencer (Georoe) 24J- C16T2)

Sbtrax-Sarto Eng., 141 3
soring Grove Sves. rtCoi 96 tj
Squibb Corp. CSIh 16%

Squirrel Horn flUt-o) 36

s w Bo J*?l ,r 5« 1 E 0 Ksr!r 35 < ,<W2 >-

Pf. (£11 143 fl£2i

5£Sf/?«g? «0pi S3 1 .- 4 -

R rework* 78 a 2.-Z)

IWustria! 39 flS\2)

5 1 » 0 d«ra TefeohO nv* 448
Stawlny (A. C.) (5o) 60 Cl 7(2)

Stavulvv tofis. -tt!" 236 8
Stead Simpson A. S4 U
Steer Bros. 232 5

8 , 1 '-r, 7pcl - n - 101 067)

IK? 33u ’

i«^te a i D a %\

5«IB It 6 j^osii A 13I = « 7 «>

Inds. 15 h6 L -t- 7
SMtST* 7*«t (£11 74

«odaln»ino (loo) 28
2™?" ^.*wr (Hldos) 55 7

J?2 ,w Dvummnnct 54 5
Sg*r£ Hldgs CIOpl U <t 4 <4 h S h li
Flvlo i23

Jumner (Francis) iHIdgs) OOpi 4i«

« W G5r V r?S„P , S4 lTOo ' ) 102 ^

41 <1*121
““ f3 °’ szu *■

S^‘%^ h ,2-.* kso> «» o'®

•vltniM 104 ftfi -21

Svmoadt Engineering (Sp) 9 <17131.

x— u-v

TACE (IOp) 24 (17/2)

T5L Thermal Syndicate 93

South West Hldns C5p)

Taibmc Gro rep) 4 La
Tarmac tSDpi 417 8 20 1 2 3

T t5? 9*K S yl * * 41 ’ 198 8 * 200 -

Tate Of Leeds 820

^??SU , K 0 ^ rx r 563 8 70

37 *i§

Teletelon (Spl 53 4. A ( 5 p) 52 H 3 4
Tetephone Rentals 342 - J 4

Tel fa* Hldgs. (20 d) 26>i 7
Tenncco Inc (£5) 1SJ*

Tem-Coraolate 52 3 < 12 / 2 )

Teseo Stones (Sp) 53 1 . 41 ,$

Textu red Jer sey (IOp) 89 70

™R sinSsr.

Th^S,n N T^i C T" ,t< ^ Tr *"*POrt (ASO.SO) 123
Thomson TVLIne Caravans 43 (12/21
Thom EMI 460 2 3 5 6 7 8 70 7pc Cn».

St’ZSSJzLs* «®» 108 11 <17/2)

^jbury Croup f£l)° s*®' 1 < ? 7 ®

Tltaohur Jute Factory (fci) .*5
Tomkins IF. HJ (Spl 22 3
Tomklnjona Carpets 68

«* 0 . 10 ) 120 ( 12 / 2 )

Towles A rtO pi 43

Tore 4B.<17W

Kemiiey and Mlllbonni (Hides.)

S5c°g^

Raeal Qra. .
Radiant Metal

GO 3 5

rioo) 43 -

Neon Scott 2Bh 34
Ketsey Inds itf2 (17,-2) _

Kennedy Smale (IOp) 145
Keantnp Motor Grp 68 B .

Kent - (M. PO (IOp) 75

Kershaw „>A.l.. Sows . <5o) 27S

Kleon-E-2e Hide* 4t

Krw<- Intel 25 060

Kurlk-Ftt Tyre* CIOpl 49 SO 1

Kwlk Save Discount <10o) -252 4 6 7

L-M

LC». HoMteO* 54. .•

LWrt 43,1 * *

Ladbroke (IOpi 147 8 9 50
Ladles Pride Outerwear <20 p) 44 C17i3J
La no (John) 74 & A 72 S 1, 4
Laird 129 30 1 2 I*

Lake Elliot 55 6 ft

Umbert Howarth a DM 54 <17(2)

Lamont (lOp) -20lp

Ones a OP 1 . 34

Lancaster (D. M.) (Sp) 23 4

jAne (Percri OOP) 41 4 6

Laporte teds. *50p| 141 2 ] k

Latham (Jarnesf t£1) 117

Lawrence (Walteri iso 1

Lawtex- 44 4tlM2l

l«d 1M*. CSOp) 1M 7 B 9 90

tss^BSauass ns 5 (12J2j ■

7 *" 17 -

j -*"* (wniten) GOP) 87
L^s^R'^rifl.Dyrts H ft 7,4)

Let* tjohii J.) nop) 45 7 ci-s/ai
LNeh lilts. I3p) 98 9 100 111 2. IOpcLu.

Leonons flOp) 54 6-
}AP Gro. flop) 305 JO

gJWgWVA* -

Leytand Print Waltpape*" 38l» 46

3 ! 07ta

S5'-4£

HIM 1M 9 ?0 1 2. 120CLD. MB 20

LM"a , 7 p sgs te ” ®" *•

Listvr 91 b *i

«♦» Post <50n) 148

. — ~ «P) 14 flSfZ). DO. A NV 13®
London LJrorooal Tit flOri 44 6
Lorid«^ Ml Stand Inds. 96 7. 9bMLn. lift

London Northern 42-)- 3

Iriteten BrKk 75 Bh. 14PCLH- 133 4

London Pavilion C£l) SJj (15/2)

Longton Inds. 45

tSSSi^ 71;5 ^ 945 ^ 53

Lookers 56 7 (17/2)

Lovcil ss

Larell Hid Of 238 (17/2)
t l5| B nsra| S ° W lB6 85mj . 12ii«Ln.
.Lriw GOP) ZOO .

Lowland Drapery 20

Lutas (£11 203 4 |(1I|T)

Lyles <20p» 74®

MCL <1-0pi »9 fib m 3

MK Cleetrie 37S 6 7

ML 238® - a

MY Dart OOp) 27b. Dld-CUs) 1« 7

ClOto

'ntthteg^lrm; &

Ralnejlnas. (lap)

1 2
<17/2)

R*®ar_TetUes (|p>

9 4*.

»2 8 I 3 . ftpC

BBp^^

Bank Ora. 183 S 7 i- ( 1 90 1 (

a*'!* McSouaaft 65 4; 8^ ii 7 *;

^K^&ssr-pssa P 6

|» e v s, £7 ,SS. 167

Ratcllfc IGt. Brixalnl 73 (1S-2)

sgg'jsrcoasTitt ?v

gSlSS'on'^ < ? I 6 5 138

Redland 175 i t 6b 7 b 9 80

Feed IntnL 260 I": 2 4 6 .

Reliance Knitwear Group QQP) 3(>i a 1 1 ,

Relvon PA.W.s. 105
RenoW (£11 42 >; 3 4 5
Rentofcll Group (IOp) 159
Renwtck Group 83 C17/Z)

isms **?- 80 r2,2>

SSSS.^"?? F a ^ «««

S^2 ,a 2? «4|W« 4ft 9 0212)
2 ! & r S* on ? Westoarth ISOp) 24 U 3 h 6
R>Jer«. J.) nop) 103 4 5 6
Roberts Adisra lift

CThos.) Son 54 (15/2)

Rock Dartiom (Uloi 9 lOJ; 1 .

Reckwarc Groan K

SSS^ , gSp 1 1 1iq 7 « JA ’«

Roctfedfle Kegan Part 143
Ro wan B oden 24 (17/2!

Rowntree. Mackintosh rtOpl IftO 124
Rowton Hoteta 13Bii42 fl 7 /2)

nSS!ojS 0 7o3* r 160 1 7

Rcgbv PoitrtDd Cement 90 «* 1 >; Z i a
5^*2? Wwomdert.rtOp) 144 7 «6f3)

10 fl7 ®

Sawd SsMM flOp) 370 . '

Siniurt (HJ A 117

Samualson Film Service (20a) 130

Send arson Murray Eider (Hldoi.) CSOo) ss

Sandhurst Marketing OOo3 *2

Sanger* Gp. G 7 i| B g

Seville .Gordon CJJ Go. noo) 51 2b

Savoy Hotel A flOpl 19ft ft

Scans (to. 168 9 b

Schlumbaraer (Sli 27^ (170J

Schotes (G. .HJ 260

Seotero* 94 5 6

Scon (Q.) Gb. OOp> Iftia

Sro«|h Agrtcul. indints. f£ 1 ) 180 3

•Srottish ‘English European TeuHles OOp)

Scottish Heritable Ttt. 301;

ScottUh TV N6n_vtg. A-(lQp) 88-90
Sears Hldgs. 801 ; 1 J|. i« u 2 1 ,

Seeuritor Go. 222. A nson-rtP.) 21)3
Secartw Centres Hides, Flop) 154 6 8
S«i»Sty Services 225 . a CNon-wg.i 215

To

(20pl 7* 2 3

117 i; 8 i- s 1 .
Transparent Paper 26 7 8 *

Transport Dev. Grp. 77 1 . Huai,
jranwood Gro. (5 p> ab h 9 *
Trt^r an ?-. ArT,0ki 170 (17/21 1

6 ” t 7 T " ,e * Wo,, A <Non -V) OOpi 851;
Triete 53 (1512)

Tunnel Hldgs. 562®

T ? r cr7 a ?3 N n , '.; £ j\f 5 8 7 ■ * *

Tone Coro. 140 tl7(2l *

gzt SSTSTWlajf'lJ'B?,,,,

Tyrack (W. Al HOp) I 6 h <15/21 ’

8gr 6 ^ MP 73 57 4 ,; . 1 \ 5
39 41

UjMer TV.NV A 66 70
H'rifire- M 9 IOO T 2. 6 >idcLh. 94
UnHever 644 5 7 a 50 12 35
NV m I2l 191. .95
Steel iRo.so) 48
23® 4o 2
U^ted Btscults 117 ■] 9

f a ! 7 ,w ».' ,7S * S 6

gs $sgx? ai?-u7."g >«■ »

, 5Cer J flow iBi,

^

tewing, ^Op, 56 n®,* • ’

UtJco (HI j 145 6 (12/2) 1

v anto aa f 2 t)pi (go

V££ 4 £te 7 flOp) M 112,21

1*4 5 7 8
Products 79i .

ZE2&- ^ff ^.21 fl sa>

jS oW /^ 1 ’ TOpcLh. 122 OS/2)

BSFKV1P"™*
w-y-z H .

. Hh S5. fl 0 *’ H*i 2

WGI 149 J. 20% ( 17123
Waoe Grp <20pi 2 2 h 3
Waddmgton ijohn) 7 _ 24 6 8

W^°k)n^i“82 <1 5 0P * “ aKa

Wason Ind Hhtes 68
U a Hsmcr (5p> 7

W N.% CoWnAtf Slveramlth 65.

«P> 13 ♦

¥ f*9 , 2 ) HI, to* (IOp) *S4 4 5. DM flop) 43

Ward 191

Sofi, V4Su.a PIT

*5Ssssfrinr -

Watson Philip flop) 55
Watson iR Kelvin) (IOpi 63% 8
Watt* B ake Boarne T73 4%

Vlte^ll <5p) 52 3 A New (Sp) 54 5

&^£d Cr 7°6 <5W *

MMW 21

Wrtlno HMus (Bp) 20 Uhi
Wellman Eng Cpn 49
Were Brom Spring (IOp) 10
Wevtern Mato* Hldos. A SO 2 (12/2)
Wettcrn Sri set lor Oev C 2 Do) 35 8
Wmjtand Aircraft 96 9 IOO 1 2 4 %
'Vvarro Bros 54 fl71Z)

Wtntllnps 27 S «7<»

Whatman Reeve Angel 220 <17/2)
Wheel er's. nest*. OOo) 37 St St ( 17 - 7 )
!H £“ K>0 New. 78 9 Bo n7/z>

(IOp) 6 % ( 1 * 2 )

whlterroft 60 fl 7/23 ■

y vj? 8 , VUn *Wl , Hen») (Hfdgs) <l2iyp)

WHeilngrop EnoB 62 5 <15123

Whftw er*n Electric (Hldos) <5n) 114 (1 6(2)

Wholesale ritt terns (IO") 194

JKJpWI BjWW) Son 13S .

W|"oins Grom Hop) 50
**22to> 57 (1312)

WJ*Hns Mltehell 16 7

'arznar* 7S ° 5,2> - 9 - so '

Williams •John) TardKI 20 1 « 2 (17/21
•JJ2J6"" fw.) Sons (FHril 27 <17 12)

WIHv (G-mwe) Sore (Hldgs) 94%

WUcqu <C~inollv) 184 .

Wlmpm (Georocj) 95 8 7
Wire NWV Prod”**, (ion) 42
Wol**lev-Hi*ih«v 339 47
Woljtmholm- Rink 1 25W 61 11 rm
w^'ri^hampton Steam Laundrv (So) 66

Wood Hall Trust 208 12 .
yy.°°d <s . w.) Grow r7oo) 22 %

WonAtvi Unoas) Son< 38
Wootihoree Rlxson (MMojJ n 2 i„) s «*
Wno-hmr-i '“J «on (12J;p) 24 (1 512) *
WnMwn-h (F. W.) 52 % 5, 3 u

Wnr-naM*: Welker 4(k>PHwi 6 11 5 "21
Wvatt (Woodrow) Hldps (So) 9 10

lochcape t±l) 318 9 % 20 2 3

I35S is of jrer .£>. =70

Keltocii^Tst^ as Wl7'2). Variable
Rate Cnv. Pf. (501 IB 20 (17.2)

Kwahu (IOpi 1ft 9 fl7;2) '

Lloyds and Scottish (Mp) l5Sf (16T23
London and Assoc, inv. Tst. r10o» 8
London Scot. Fin. Coro. 'IOpi 44 (17/2)

M and G Gp. 319 n 7,2)

Menton Fin. Tst. <20u) 72 (17 2)

Martin <R.P.) (Spl 395 7 400 3 4
Mercantile House Hide*. 4 S3 1 . 60 1
Merits Food «S1) 3J)S (15 2i
Mills end Allen IM. (50p) SIS 0 20 3
Moorgate Meirmhte Hides. flOpl 20
Murray Tech. Inv. B5 (1S.2)

N.M.& Inv. naftp) 11
Newmarket Co. 0981 1 (50.05) 267 ft
Parambc- (IOp) 16 ': (17/21
Park Place Inv. flQpi 87 8 (16/2)

Precious Metals Tst. 82 v. w 3
Provident Fin. Go- 112 Sh 8
S.mc Darby Berh ad RM0.50) Ww
Smith Bros 35 (tfirZ)

Sterling Credit Gro. Op) ft <= U ft.

Warnu 10 sub 2-U (16/2)

Stewart Enterprise (IOp) 33®

United Group 11*0.20) 163 5
United Computer end Technology Hldos
(50p> 60®. Wflrnts to sub 33 (lfi'Z)
Wagon Finance Coro 42
Welbeck Investments (IOp) 31 2 5 C18I2)
Yorltereen Investments (10p> 12 (17/2)
Yule Carlo now 84 5

INSURANCE (388)

Alexander and AieitMdar Service* Inc
Cmflk 328 1-

Brentnali Board (Hldgsj now 27 a
116/2)

Britannic Assurance CSp) 270 2
Commercial Union Aubwhm 132 3 ij

Eagle Star Hldos 37S 6 7 8 9 ij 80
I 2 3 4 5 6 7 8 9 90 1 3
Edinburgh Gen Inv Serv (IOp! 1 C 4 5
Eouity and Law Life Assurance Sue (5rt
420 2

General Ace Fire end Life Asm Cra 313
4 5 1 ) 6 8 21

Guardian Royal Exchange Ass 302*< 4 s 7
B 10

Hambro Life Assurance <5p) 312 3 4 5
6 3

Heath (C.E.) C20 d) 280 Z 3 5
Hogg Room son Group 106 8 9
Howden (Almtderi Group (IOpi 153 5
insurance Coro of Ireland l£3,4
Legal and General Group 213 4 5 6 7 8
Lcrteon and Manchester Grp 278 80
London United Invests (2 Op) 202 S
Marsh and McLoiman (51) 17i»

Minot Hldgs (20fi) 154 5 6
Pearl Assurance rse) 392 4
Phoenix Assurance 242 4 6
Provincial OOpcPf.j (£1) 66 (15/2)
Prudential 232 3 4 5 6 7
Refuse (So) 24B

Roval 358 SO 1 2 3 1- 4 5 7 8

sas£t f i , s ,, “* 4

Stewart, wrlghtson (20nl 220

S 2 n 3 A i l “ m ? LoB,,on f £,) * 93 806 8 10

Sra U*g ftMuranc* (Sp) 310 1 2 3 4
With Faber 397 8 400

INVESTMENT TRUSTS (419)

Aberdeen 149 51
A « 491- (17/2)

S!!!SS ftSTOTi 01 3 4

^ Sh *- 208

A (i7/2)* '*• 61 2 t,7;23 ' 92

American Trust 64 5. 8 61
Angto American Secs. 143 4

A e l S« “ , ' 4< 7,1 ««»■

Anglo Scottish 70i-
Arohlueto Cap. tsOp) 59 60
Ashdown 200

SiS^U c ^i ,0pJ M il7l2>

At as Electric-Cetiaral 96 1 ; a

n8,2> -

Berr^Trrat’ 175
Bbhopsgate Trust B4 (16/2)

A 9 S °^ ern St °' khOWM T ™«

Bremar Trust SB (1612)

KSS American and Gen. Tst. 52 3
British Assets Tract 97 ® »« 8 1 - •

B 15u , cf7jS) r * 501 4 ®ri* ra< Trust <5o)

E 3w h u7^ I! 4 ^ ,,wt Tf0 “

British Investment Trust 195

Investment Trim (20b) 220
C.(-fLP. - Investment Trust 109 to. Wrt
To subscribe tor ora as 9 02 / 2 )

C^S-C. Investment Trust 112

c22!u£? t **«««« 119'jt

176^^ A Fmeton . investment Trust

Trust 193 S 6 (16.-2)
Cwtal Gearing Trust 48 (17/2) -
CMdMrt loves, moot Trust Old 142
Cedar Inrettmeot Trust 98
Channel. Islands and inter. Ins. Tst (£1)

ch?rtJ T ££: ^ ao . stH> ( g ii * 1 * e < 12/21

a Sp sh S Co s7r5iii T?u *

r!5! £ Investment Co 78

Cltv rt London Trust D« Silt &5t>
Oavcrhouic •avestmeot Trust (Sop) 13Sp
Cont/newtJl & Industrial Trist 272
UlMon Trust 173 <X7, 23
Cteacon; jamn Inv. Tst 348
Crossfrtars Trust 119

***** '"*• Trust (Cl)
^2*4 l* 1 ** 0 ™* Trust Cap. Sis. (IOp)
242

Dominion Gen. Tst. 276

Drayton Comral. Invest. 168 9

Dravton Consrtd. Tst. 182 4 KimrAi „

“nsn? Far Ea5te ™ T *- 74 - ****»■ i»
^ iss^b ^?) rn - 223 4 ' 7 ' !0e

ga?<2te,7AJt

Edinburgh Invest. Tst 66 ' I* 9 « :

Electric C*n. invest. 126®

sUHCK Service* <5S) 33s (17/2)

English intnl. Tst ia 4t

iai fl6«) Vork TSL ,OT H - ft'iPd-n.
|«®!!S *5**2* .Investors ML 1 -
E 07/21 DW - <25pl 76 7

c 2£X. Co *S 2? T*t. an 144 6 7

Dfd. re Op. 228 '17,2)

Tit- <50 p) 293 8 300
Estate Dube * Inv est Tst 78 9 80 '16 123
F and C -9iTOtn.tt 53 IlCas

WintQTfeottom Cram Tree. (5u UcriB)

wlBn lnv. 72b > 3
Yeoman Inv. Trst, 1

30

Yoflcihku Lantt. In?. Ttt. Mb (16/2)

* u ^

UNIT TRUSTS (12>

M and G Ainr. Gen. Fond Inc. Unfai 09

mViw'g Amer. R ec ov e ry Fuad let Unite
M and G Austin Gen. Fd. ,htc, Units 71 a
M and G Coo*. 1 st. Fd. Inc Untti ni?
M and G Div. Fd. lac. Unto )«2i< -

M and G Extra Yield Fd. Inc. Unite Mb
M and G Far Eastern Gap. Fd. int unfa
M ana G G*». Tst. Fd. Inc. Dints 24 ?

(17 2 ). Accam. Units. 437
M and G Gilt Find Im. Inc, fr wt
Units 46.1 (12-2)

M and G High Inc. Fond Int units
M and G Japan Ge*. Fond Inc Units 19a
M and G Recovery Fd. lac. Unite 140 °
115)21. Acnin. Unto 163 . '

Gen. TW. Fd. Inc. Units
280 (17/2). Accum. Units 460 <16(2)

HINES — HiscelUneoos <289)

Amu (51) £1-7.3
Alex, Caron. (16Js) 25 &

Amjta.Tm.taw, NtotetoflpV*;

BSLWWWW» .

Burma Miaa« (IOpi 15

VTifiS i aw *" 4 115 7 -

COM. GoW F/efds 440 2 3 5 6 7 5011.
De Boers OxHL Mines DM. <R0.05> 342
^. 6 «^3 a 4 6 °7 5 ° ,,: - » tBrJ

tSSiSB?* ° 7/2 »

Cecvar Tin 153 -5

Gtohe & Phoenix I 12 ':pi 62 4

G*»W f i& tot* Meta) Minn t12ijrt tow i

Gopeng Cons. 625

ttomptoj Gold Mng. atom flOPl ISO 2 4
Hongkong Tin 400 (1212)

Jantar Uiiyil 24 ( 12 / 2 )

“sra* ,o^(i7^r Wfl - *•«.■»

K 28S*iW *****

KHria Keltes Tbi Dredging 72S
M.T.n. ( Mango U) (3RD 17 1-16/2)

MFjwNa Mng. Coron. . Bwhad (SMO.IOi

*90% , 5 JU 5«g ow «* GOTO. 1581.40) 368
North Kalrnrli ISA 0.30) 48 «• 9 50
Norragate Expin. iSCIl 215 20 (16/21

RS&HVti »i , 7 s /S > , 4 * 7 ,,7 '«

r 4 w 5 Wrt Vi k &IA£ Si u

99 101.

4. Nw

17ft

fldg*. ts ao . 501

5PC

EHS'l 110"Vl5/2l

F r « Scwtlrt American Tst 132 3 .

Ln. l ; io (15:2)

^,ng invests. <25p) 62U 07133. New

foreign Col. Imrest. Tst. 63 i- 4 i. 5
F ^l r ^T' Tst ,fl& 46,1 A*«l Cap.

tX<3PI Pj 41

Fondteyrot (ne. 38», 9«;. Cap. 131 b
G.T. Global Rec. Inv. Tst. i£1) 74b
S' 7 -. J*P»" HW; Tst. 363 fl7IZI
General Com. Inv. Tst. 220 Uji 02/2)
Gerterri Cora. Inv. Tst 119® 20®

General Funds Inv. Tst 30* <17121
General Investor* Trustees 183

General StoWth/Tnia 67V ““

Stockholder* inv. Tst 174 (1612)

Ge nera l ., HM .,. v , wnj . nr. ■ a

Stockholder* Ts». BSi- 6 MR
Globe Inv. Tgt 144 i s 5 b B b 7. 5

(16.2)

'3W

Yarrow (xoo) -2B5 (17/2)

T wit Trailer Hldgs OOP) 111 .

Yorkshire Chemical} 04 6 . i2UpcLn 81 1

Ya-fahire Ftea w pollen Spinner* (2ap)

Vow ha I Carpots (Hldgs)

■r£0.09>! P7 8 (17/2)

Lh- 114 flftj 2 i. T i*i s art.n, "1 ft l'"
g^Nor^ra. , T *. U7SHJ01

Graanfrisr rinvst. 194 5
Graham Horae Estate 205

Group Investor* ice g

Guardian Inv. Tst. Iifti, 20
Himbros lire. Tst 89

inw -, T ?- 133, = * 5

Genera/ rn. 78 i t gu boa

W°'^7,i? V - TS *‘. ,1- - WrM ^ »
jraerttn u In Success EaulMn 288
^ifirT*" 1 Trust Gu « rn »*V tSDp) 105

' A J

i nwt. TM. nso) 40. Cap. taoi s
?. ri» W . Ttt. rso) 12 ». ^^ti7.■2) , "
F-W* 10 "* tovsL ISOp) 202 3 4 nSJ 2 ) N«w

gDar«»B. 7 » (, * 2j

rt * In vst. Tit. Can. CSp) 56 (17/71
London G J r T rnor * (500) 1171, 20
acly raQd 171 na/»

Lojron Lennox 47 '- .irw) *’***'
r?r° an and Lomond 109 n 7 / 3 >
an S M®"tro*e 123

London and Prov. 172 4

Strethdyde 73

TnSSS Atlairtk. Invwt Tst. 9 a n?/?)

« SS «

M ?srw, ,M

a,s ” 5f25 -
SS%£U'fh&* 86 *‘

A Wtro. S 8 (17/2)

MeWrum Invst.

Mercantf/e tovrt. 'l*. 4 r«cdb.

EJS'fe/gi ,04,: «■ -^Ln- »M (17/2)
MTdUnd^Tri, IOO®

gK22r faes&'Sl'A L 7 *

•SSS top rS: i«“b - 142

Mmgy Western Iffy TSt 84 h (17/2). 8

H*U A usgra iia Inv Tst rsop) 94
" p h tor Ord t 7 l 'i I“v G9 7 ^- " w arrant* to

sh* iBi. i*.

(£1) J2.I16/2) 8> W “ *° Pui" Cap

T. ol T" J w Ttt ISOp) -121 yf-ir,-,
tor Ord 55 6 warrants

.A wra ISOpi las
Northern AmeHog Tnm 141
JJ’SL fW l»v Tat 812 141

Outwlch in* Ttt B 6 _H 7
PTfbur g Iffy Ttt ‘171

522 *6 Cl 7/2)

DM 19 20 *g

1944 .. _

9'iPCLn IOI ij '2 'l-
Roan Com. Mines 8 50 63
Silvern, (net (lrO.021;! 74 7 ft
SuiMri^ Best Mines Malaysia r»Mi)

Tank* Cons. Inv. (50pl 440 -
Trooob Mines Malaysia (SMI) 225 <16131
Wank), Colliery (50 pi 20 3
Western Mng. Coro. H
208S -U 9 10 1 ij 2 3 4
Zambia Cooper Inv. (BdSO.24) 15 Bt g 21

MINES — South African (12i)'
Coal Corp. (R0.5O) 526 AS

-^¥?6* I 2 2 '4 Con, ‘ &t ”- *****
An^to^Amer. Gold inv, (RD 36 1; 714 i t

Btyvoonritulcht Gold Mining Co. ritouesi
447 69

Bracken Mines CRQ.901 105 14
Com. Murchison 'RO.IOi 273 83
Corooatlon Svw. iRca5) 70 * 070D
Deelkrut Gold Mtntng Co. 0HX20) 143

Dooriri obtain Gold Mlntog Co. Al) 8
(T& 2 )

Orietontetn Cons. <R1> £10 J5 .68
Durban Roodepoorc Deep (Rl) 8 r17t2!
East Daggatontein Mmes am 102 <13(2>
East Rand Cons. OOpi 18 20
East Rand Gold an d Dram. Co. 0)0^01
260 70 3 BO

East Rand Pros. Mines (BT) 460 9ft
(1712)

EMridsrand Gold Mtedng Co. (RG2GI 175
<16/21

Etsburg Gold Mining rim K 7 Pi 100
Free^ State Dev. and Invest Corp. <R03ftt

Free State GeduM Mines IR0.50) 14.9
Gen. Mining Un. Corp. fROAtri Bij
Go>d Flrtds of S. Africa mo.23) jsjt,
Geld Fields Property Co. »RQ.025) 55 60 >1
Gnauaiand Exphir. tnd Fin. Co. <110.051
117 <15:21

Groo oriel Proprietary Mines (R0.2S) 382
9>; (16/2)

Harmony Gold MMng Ce. <RO.SO) 501 99
Hartebeettfonteln GoW MMng Cr (R11 23
I mol la /Mat. Hldgs. HtOJOi 280 2 5 6
8 90

Johannecburo Ceos. Invest. Co. 0S2) S67
D7/1)

Kinross Mines <*1) 555 €17(2)

Moot GoW Mining ntia S24*» *

LesMv Gold Mines (R0.6S1 IOO 3 5
Ubwion GoW Mtotng Co. (fill SIS'a
<17/21

Lorrtne Gold Minos IR11 11-8 22 <17/2)
LrdenbarB Plat. «R0.12S) 140
Martevale Cons. Mines <R0.2U 108 id
Messina tTvaal) Dev. Co. rito.SOi 277
Middle WKwaterirand (Western) IRQ.2S1
60 s 15

New Central Wftwatersrend Areas IM30I
310 (15121

New Wttwatemnd Gold Ex. Co. HR0.50]
162 9 86

Pres. Brand Gold Mht. Co (R0.50) £1S<i 6
Pres. Stoyn GoW MM. Co. (fiO-SQ) £13.85
Rand London Coal 0M.50) 47
Rand London Corp 'KO.ISl 102 <16/21
Rand Mines Preps. <RT) 31ft fl7 l 2)
RMMtonMn Em. GoW MMng Co. Wit
*(R2) 24J| .9

Rust coburg PM. Hides. <4)0.1 0) 1-74 80

St Heten* Gold Mines CRH S 2 fti« (17721
Senvust Beporic (RO.lft) 379 90
Simmer and Jack Mines f RO OD 12 ft 9
South African Land end Ex. Co. <Ro.35i
160 '1

Souihvaai HWgs. CRO.SOi *26
Stufontem .Gold MMng Co. <80^501 665
83 (1^12)

Trans- Natal Coal Cora. iRO.901 400 05, 2 >
U.C. Invest <R1i 540 63 5 77
u nisei GoW Mims 425
Vaal Reefs Ex. and MMng Co. (Rft.30)

VentertPOtt Gotd- Miring Co. (R11 357
Vlakfpntetn GoW MMng Co. (R0.7O) 130
C17L21

VopeKtrulsbolt Metal Hldos. (R0.02S) ifto
Wrtkttei Gold Mining Co. (RO.SOj 463
78 80 -

West Rond Cons. Mines (Rli 1-05
Wesrero Areas GoW Mtmng Co.

143 5 8 50
Western Deeo Levels (R21 £13.1 U. On)
to Sub. 245ist <16-2)

Western Hldas. (R0.50) *39 3391*
Wlnkeihaak Minos pm 1ZJS
Wiewatersrand Nigel tRO.25) 40U 1
Zandpan GoW Mn. Co. fRI) 415 6 <16*;

<W

(lr£0^5)

Tetters Grnim <5o) 70 b

FINANCIAL TRUSTS (269)'

A fl7l2) H0m * 20 ®‘ IWNGonx.UntLB. 96
Akrevd Smlthora 183 6
Amsrlran Eriaress ■ Coo
.OM)

AnoIo-AWcan Fhiance <7bp) S3 0712)
Armour Tst. (IOp) 10 b

Erisrws • Com. ($ 0 . 60 ) 23k

®» 70 fiG ' 2 ’

I ■ W2/

(*A0A» 150

Bcmrcbond HWas. (£ 1 | an
Bouttead (IOoi Bo 1 23 1
Brtjflmdto- Ests. (50 p) 416 (16/21 *
Britannia Arrow Hlagj.^ <*9U Bfl'Lk 1
Wtt Sob. Ord. 15 (16/21 ’ "

C ft r K $; Aberdoen Land Am. C5Dpf 490

n™ncl«re da Sou (FdsO)

D 378 ^ IMP* *M. A (50oi

ar*U. 0, .57 ,t JiKS W. 8pe ,53fe. , .J ,t < 15l2 ‘

e derm IXL Otd. ($ati 24 o (17I2J
Flertra Inytt. Tst. 59) Ij 6ft *h t
PnoJ-sh Aun. Gro. 160 3
Frskln- Hmxa InvsU. ^4 6 b
Ex-La (100! 12 S (17)2'

Fxro Intertl. Moo) 212 k 5 7

F * U b. c o4 n, TT^. 2 T"' 18 ®- Wl »-
5S."%. l E!H? r, t J T *- fl°"» ao i n s/2 »

ss aOTnWsjViispj’fi b

^2*° "*■ # ° r 003 75,83 3 -
^odc-Qurrlnt and Murray (30) «o 1
Grijham my. Tst 82 1 4
Hambro Ttt. 126 .

Hampton Tst. (Sol 231; 4 i-
Hioticreft lev. T»L 84 1 Ijt (16(2)

4 S 6 ft

P*0j^ FtMllB I to Tyt Cai

^s«6st:»w.

"SSK 0 *^ ^ Mat Pro Rank)

»«TS BT9M ,, B l
107

Sta n0D>

201 05Q, ■ °e- A

A 2 so ns/2)

Scrttjrt Eastern 85 it * 1 -

IT*'**' * g ■

JrtWKrt NgiLmi 1 , 0 flere]

SXVStV 15 * 1

*7, W "212)

2WH"-|e-w J«R g

T — *o*. r-m 17/j

PAb 7

*W. Trtt. 106 H 7/2,

te ?BS3S? « vtn2ni n " 7;2>

tettiw Corn. - 7 e i.

HH' SS' 7rtt - Coro. 315

iJW. States Dcti. Corn. 1 (ft a .

Vlklnp Rnro. Tflt. 78 9

Womyrs Inv. (£1> 375a. •

, '"&,£** T «»* ■Rw. Inv. Tret, nftp) 89
L Westport |nv. Tret. 54 ft (t7;2»

OIL (750)

Anvil Pet (20p).S8 ' •

British -Borneo Put 5ynd (IOp) 228 3*
British Pet 286/a 7 n 9 i| » 1

3 4 6

Burmah CHI (£1) JOftte 7 8 9 10 1 2
3 «1 4 b

Centum Oils Group (lOo) 91 Jk.4

CharterhaJI (5 p) 49\ 50 b 1 2

Charterhouse Pet 73 4 5

Damson Oil Cpn Com (£0.401 41

Dome Pet Com Inp) 443

Energy Capital < 12 i:o) 48 ( 16 a)

Hamilton Oil Gt Brit (lOo) 104 5

Hunting Pet Services 200

Imperial Cant Gas Assoc ill) 202 3

7 B. SpcLn 87 ■: 8

KCA Orlf/lpg Group 60<; 1 3i* 3k 2
KCA intnl 103 j|a '! 4 5 1; 6 I; 7
London Scottish Marine 011 315 «: Sli 9
20 2 3 4 5 6 7. Units (10o> SL
Mobil Cpn Com (£21 12 flft/2)
Natomas Com (ill 10.85 (16/2)
Occidental Pet Con Com 10.20) 520b
OH Gas Production (£0.02) 33 (16/2). Dt
(£0.01 Pd) 4

PpiMioril Com (£0.831) £47 47>s
Premier Consd Ollkelds isp) 44 5 1
l* 6 7

0,1 Cwn (IW*> 315 20 Us 5 71

30 3

*ogl yDotch Pet NV (Br) «FHO) 16.

Shall Transport Trading (Reg) 356U 7'

8 8 ij 60 V 2 3 4 6. (Btf 364
TR Energy 76'; 8

Tmaco lac Gt (16.251 16U b <18/2) .
Tricentrol 196!; 9 1 * 200 1 1 - 2 4 51
Ultramar 413»; 4 78201 2357
Weeks Pet <Bermuda Reg) (SO.IO) 220
as o*ta Cbit Cam (£025) ill; ( 15 , 2 )

PROPERTY (359)

Anted London Preps, tlftp) 84. ®fcpcLii
. 1 OO

Ainott Lon don Preps. 1-96 6
Amal. Ests. <Sp) -27
Anglo Met. Hldgs. 80
Ami® Secs. (Sp« M L 1 , 1
Btnmrort Props. 126 (16/2)

Miton ff.»i®e. Aicum. shs. 1«S «7f2
Bradford Prop. Ttt. 194 J.

■H*h Land 87 i* 8 <%. ICriCLn. 29!

Brixtoil EsL 10 a 9
Capital Countte* 118 9
Centrorl nri al Ests. (ZOp) 18ft ff17/2)
Chestcrileld Props, jso
Churchburv Esta. 64 5
Clarfca Nick alls Coombs 122
Control Sees. HOpl 44. New IlDvl 41
fl 612)

Country New Town Props. (IOpi 47 5

Dacian Hldgs. 17S 6

Dam* Dvl point. NPV 1.85 fl2«2J'

Dares Ests. flfto) Iftij 01 .

C" 1 - rapeCpvJ-n, 2000-
r 2 ? 05 -® 8 £.17A)

Esntey-Tvps Prop. Group 93 4 S 8
Estate end Agency HMgs, 130 1 417-*
I* tare- and General Invest. r 20 o) 36": 7
Fsbrtes Prop. Inrest. 1G1 flfiJZ)

Evans of Letfts 64 (iv.^i
rwart New Northern (Eli 200 <1512)
'-derated Land 104 3 7
Fire Onks Investments «5pt 20 <17~23
Grcjit Portland Estates rSOp) 176 8 9t
80

Green (R.> Proas. (IOp) 80

Greencoat froperttes «**! 16 L «;

Greycoat ^Eatete* riOo) 1S2 I, flftTI

A JW2SW 6

rrv « w A

Httlwnere Esratet (10n> 394 6 «. 9nc
CnvJ.n. 2001-06 111*:. gijPcLn- 17*
ifcGimnr Cb. of London csOp) IM

jmry Prop. Hldgs. 2)61 (16/2)
lAWtWle^ Estate (IOP) 2Si s e <] 7 ! i

n7/2> -

Lend Investors tZb

, *- *

l Fra/^) a,- 1®88“91 ftl

hw. Stoop Centres (HMnsJ PI On)

fJSSr T S“* I 71 ® fti; 20.
BBS? BPeCittAn.

tpar Oto e?p *1-2/2)

«a«>w (Sift
nta,

Mountview Estatae (Sp) 1 91

.Maektow (A. and j.) Grp. 82 8

Nnr»H C E??M? , L E * tlte * ( *P< 360 f16*»
^T or r M ri s *«. 91-nrLn 111
Coro. 155 6 7 Bb

ProSSrw F^nce 55, 6

ryoerty and Reversionary Inv. Con* ISO

"TP?*** Hlclg.- and Invest. Tsfc 161
J1* 1 *}- 164 r12iz>

Inv. Tat rsop) 1S6U 7

SS&in'-SSMV"' " ’

SKKU’bBPS,* n "- v 150
WjUffr s "- =" 1

Met Property (20o> 91 b. Nil*

s 7ftJu E *H{2,' 1 s*i4 *i 2 4 b s. ftp**-*
i ^"' 1 H S ri8f7i

Stork conversion and invest. Ttt, -323- 30

Financial Times Saturday February -20 1982

T men and Cft? Pfooerti** ,»f DM 51 v >»
t. S •* 2. New IF01 <10o> ltd ij V

rieir MOni -zJt 112 /a. wt* va am
i4' : (12 ^ --.New 1 jmpt mb a, lose

21

Lrt 1DB>! 10
Town Centra -Sec*. 4t (17, '2> Bbclh. ga
TnCnra Park UUWS 135 11.6 3)

Unjiaf BssJ ftwwt)!, T*t. 47D

Warner- Estate mm. 300 9i : . ,

Wamtard Invests l2wj 406 (1«> ■

Webb (Jtoeirtii *(M) 24
W«tmiR«<r and Country Proem 7i ,OSi2)
Wrtlmfrtitor Pros - Cm t20n> 31 • Yj 2 *a 1
WhittnWOn Etaie* (5o3 22 U >z S-M ■
w/ltan /*«* 20 2 t 5 8 / 2 ).

: PLANTATIONS

■ AMlB-lraomiian core 68-tl?'3) *

Assam Frontier Tea Htdflj ail 205 (17i2) .

•Bar 1 ** Midas tlOO) 64 :■

Bert am Kim tTOp) 67.

Blanftre Tea Hldos 90: (12,2) ■
camella Investments tl0p)-flfiu 2.5 C17'2).‘
Consolidated F Irmterionf Beriiitf (SMO^O)
44 1 * 3 Wts to sub 113' (1212)

Grand Central Invest. Hldss. U0p) 3»i V

MhS P1712I ■ ■ :

Mirrw u Malaysian E (tales OdpJ 142 <3

T 50 2 7 60 2

H h lands and Lowlands Berried tSMO-SO)
62 117/21 ■ ' V . .

Ho iv rood Rubber, tit) 37 (17/21
KengKong iSelangOr) .Rubber (JO 01 500
5,1511 1 ’

inch Kenneth KaNrng Ruober (TOo) 303
Kuala Luntour Kepoug Berhad. (Sh41) 44 5
Lawne Plantation HMDs 4E11- 300 (17721
Lanuvc rCovlon) Tea and Rubber Esu
l£l i 405 mu

McLrod Russel '£!) 368 70. -MKRrdPI
t£l) 140 (1 7'2i
MBirdlr Miun < » 0 n) -80 n4,2l
Norbcrauon IF.Mi) Rubber Efts -MOn)

Pjtllnfl 5enang Rubber HOP* $>3 (15 2 )
Bembla Rubber (Sni 08 (1272)' •

Right" is* nop! 171 9
Sogomaiu Group (l-0pi 450 (16/2)
Sarmah Vjltev Tea 1 25
Williamson Tea Hldp. I£1) 235 8

RAILWAYS <6> . .

Antofagasta 62

Cnniillin Pacific (CIS) 15'* (1612)
Fishguard Rossiara Rlys Htars 20 (15/21

SHIPPING (85>

British Commonwealth Shipping (50p) 395
B 400

Caledonia investments TVS 8
Common Bros iSOo) 272
nsher (James) Sone-140 1
Gotaas-Larson Ship.- -(ST) Z.SOp '

Hunting Gibson tos

ule of Man Steam Packet (£i)-itO 2 5- -
Jacobs (John h) (2Dp) 30(17)21
London overseas Freighters 5»*i 60

■ Lyle Ship 32) 50

Ocean Transport Trading 121 2 3 4
Pcnxinfulmr Orient Steam DM. 12B>> SO.
12 5 4 5

Reside* Smiiri (50oi 145. Do. A NV 130
r unci men 100 3 4

Suuthamptoo Steam iSOp) 220 2 ‘it 3t -

UTILITIES. (21)

Bratcan NPV 865

Bristol Channel Ship (IOpT 2-\ C16J2)

Calcutta Elect. iRr jft> 42
General jejeohaoe Electronic* (USSSJ3CD
. 161a na.' 3 ). .

israM Etaetne <I*£U 3 1 * (1CI21
Manchester Ship Canal t£ 1 ) Bfl 'IOO
Mersey Oorts 18 i 4
MWord Dock* <£1> 153- 115(25
NE5CD 1.98 (1 7/3) . .

UNLISTED securities '

- -- MABKET (181) ■

A. and G." security Electronics Bt> (17122
Acab .Jewellery. HOpj 74 ns/ 2 >
Aerospace Em*, 140 •

Air Call 217 20 (17/2)

flp&'ra S?®” 1,M “ r,T ®

BKMltbH Computers flOp] 026 (17/2) .
CjfE 0 ? A? 1 £ Batm lM 1**n A 9I J-
Cim» on (£i) i 4 o s a ....

Clyde Petroleum 1 ID 2 h 5 6 7

(Cdmo. and financial) (IOp)

Crest .mini. Sees. (IQp) ISti & l» *

Dunbar Group (£11 60S •

Edinburgh Secs. 188 90 S
. Eldfldge Pope A (HI J45 ' .

Energy Finance Gen. Tic. (IOp) 40>«:
foS ilSIZK New OOP)' (ihpj 0*4 1
(ln' 2 ). SpcLn. £70 1 lit (1612)

Eaolpu ( 10 PI B3 (15/2).

£ iwter Building ConMruolon (50p) 160 5

Feedback non). 103

fleet Street Letter (5 p) W: 4 $

fiord Oil Participation* (IOp) GOJi; 77l«

Fuller Smith Turner A (£4) 450 (1272)

Gas and Oil Actmk fZDp> 400
Good^Rrfatlons Group (IOp) 74i 4 > 2 :

Greenwich Cable Corns. (25p> 37
H^tand (John) 125 (16/2)

Hardanger (IOp) 99 H
Martons Group (5b) T

And Thompson (20p) 47 9 50
(16/2) . 1
Hcelamat (IOp) 03 4
Heskech MotonydM (50p) 45
Humberside Eleetroijic . Controls (IOp) 17
* 1 6 * 2 )

, &

.IQ Oil services (IOp) 17 8 (17/Z)
Immediate Bus. -Systems New- (IQp) 89
(•00

Inrasun 'Leisure Group (IOp) 121 2 4

80

Jackson Exploration 1020
Jayptant TEp) 6 (16/2)

Jahnitme'i Palms (IOp) E_
Kennady Brookes. (TOpT 152 3 5
Up. and Conti Advert. (8pJ 20
London pr/vaK Health 25' X ClZjZf
McLaughlin Harvey 76
Malavslam Tin (5p) 4B (1513)
Mark heath Securities 54.6c ~

crrvdown Wine 60 CIS.

oral Bulletin (10n> 117

if> PW :.

Meta

Mlcrofllm Reprographics (IOp) 62 (17(21
New- Court Nat. Resources (Sp) 33 4 fi.
mi, tt sub. for Ord B (1712)

Nimsto Intnl. (SO JO) IBB 95 7 8 200
6 2 5.

O.R.6. (lOpl 2B5 90 5 8 9 SOO
Oldham Brewery (So) 167
Owners Abroad (IOp) 21 •< 6 ->i
P a rkHcld Foundries «5pi 11 lj 11712)

Plot Pet -oleum rr.i) 11 a
Ramus HMDS. 70 1 *

Reliant Mato? OpJ 9> s (16/2; -

Rcdle aim Noun Computer* (log) sot
(17 12) “

Sampano (Java) (2 >ip) 15
Saxon Ml (50p) 50 -
Sean Dm* -Intnl. (10o> 82 -h*

■SeiecTV -MOp) 44 X16/2)

Southwest Cored. Resourdes (1 OpJ 33
Sovereign Oil and Ga* 300 S_7
Standee (10s) 30 3 (17/2X
'Star Computer (TOP) 1899
Tetevlsian South (1OTD 37 . ’• -

Thames Iqv. Secs. r£i) 150(15/2)--
Thornic (5p) 83 n7l21 -

Trident Comparer Service (IOp) 104
(1C/2) - • -

Trust See*. Hides. (40 p> 34*

United Ceramic Distributor* (20p) 4Hi
(17|2)

United Electronic HldgC (2UP)2p
United Friendly Insurance B 220 .

Wrtbw* Ihiciro : Components (12^) 83
MSI Systems (IOp)' 13 4. Rot. Div.

York Mount- Group titJp) S5
Zygal dynamics (Bp) 90

RULE 163 (1) (e)
Bargains .marked, in .securities
which are quoted or. listed on an

Overseas Stock Exchange.

Alliance oil Dm.' Australia 71 .

Allied Chemical £22-<i 05.^)

Allstate Exp. 20 • •

A mad 4 -»

AmeiTcai) Elcarta Power 775 (»2.a)
American Standard £131*. *17.2)

Ameol Petroleum. Bio , _

Anglo Utd. revel . ag 416.2 1
Apex Oil (AS0.25 Pd.) 13 HS.2)

Arcadia Minerals 4 Cl SXtl
Argo Invests. IOO 2 «l£2>

Argosy Gold Mining fi |1&2i
Ashton Mln/na S7 *5 * 417.2)

Atlantic Richfield £20 U >i
Australlto Cons.- Minerals 169 teizO is
*3

Australian Core I nos. si PSTi
Australian Nat. inds. 1B3J* (ica)
Australian. Dll Gas 70
Auctratfu 5/wle Coat Z
BP Canada £H)bi N
Bask Resource! Inti. 160
Basin Oil 7 SO tl&a)

Beach Pet. 569 49 53 <17,-21
Bearcat Eo. 12239 339 2
BerJnntal fin Dredging 170 (17/2)

Beth. Steel 875 ,

Bond Core. 133 <16 2)

Boral 152

Enuga-nvirte Copper 69
Bow VaHey 645

S 8 9 40

Ceres, Re*,.- Si <153U,

Uieung Kong- 1551* 6 7 62
China' Xlght. Power 120.(14 ra

ernes 5enrtce £i 5 ' - - • _ -

Claremont Pets. *A» AS) 87 0 ■ 70

SI& U/T' AuBralia 36 ) u
coles cG. j.i 130 .
commonwtahb Eduan tltjj*
conex Ausiralli 2>i 33/64 _

Con sc. Gold Mining Atom 4AM .25) 3>i £
Cons,- MonerfonUins H&1JS 1.80
Cons. Resources 6 07.2)

Lotn/pg Glare £23.90 11*2)

Coseka 33S 02.2)

Dvjh. Bank Singapore 208 412|2)

Digital Equip. MJS8649 •*

Dome Mines 700 - . _■

070)

Of-

62 Iran. -325
Eagle Coin. 17*s.>a l*

Exit Coast MlrM. 4
Easiman Kodak Ufi '

Emerson Electric £22 U.

Endeavour Re*. 17 Ik lj --
Energy Rm- of AiHtt. 729 (160) .
EsDorance Mhn. 12U
Eurocpn VeBMfM W. ft _.

Exxon Cbrp. £15AS® 15)*

Faber Marlin MaUysu 40 4 (122)
Fairchild jdcH- 710
Falmouth Pets. 6S‘: (17,12)

Flair Rei. 120- 5 30'5 7 8 40 5
Forsyth, OIV.GU IMA G ■

Full Photo Film 320.2 (12J2)

Gem Exh. 3 lu ..

Gentxa Oil 100 5
.Geometal .9
GeCtV OH £2fl*»

Golden Plateau 151*,.

Gold Mines KalgoorH* (Auit) 230 4
Great Eaaem Mine* 58 6
Graenbushe* Tin (AS0.10* 33'i
Greenvaie- Mining 12
Graenyal* Min.^AiOJiS Pd.) lO 12

Goii Canada 581 .

Go if a ream Res. T75«

70' 5
Hang L.
Hao t
Haiti

nap DevpL 38
- i 24 6 7
Migv 20

Bristol - Myers £30 <15t2)

Brunswick Oil 79 El* 7': 8
Bufclr Sembawaim Ests. gs 0 €12,2)

^Ms ^ Z002 S41

Carr Bovd Mineral* 1*

Caattefluliie Tooney* 206 -07.2)

Central Norseman 275 «17.2> .

Central Pacific Minerals 40V 34 5 «i 34

809 fi Ua 3 5

Hlonwooa Res. 75 U> (17i2)
Homestake Mining £l *5 u i

Hospital Co; America £16.60
Hudsons Bay Oil Ga* £21
Hutchison Whampoa 1344 5 9 40 1

IAC 310 *1621

3>i

ici Aust »1 (V6/2I
Inland Natural

Gas G35

1. Mining 14

Imnl. Petroleum 16Q1* 75

I anflne Matheson . 1 4 BA 539 \ 4 6 7
ardine Matneson Fin. Warranu 12 IE
tie 18

Do. Shoe Gtd. Ln. £3
Jardlne Sec*. 128 .

JUnberiana Minerals 22H (1*2)

Johnsdn Johnson £18 H 62)

J Helen Rh. 19® 20® i16 2l
Kev West ExnL 7ii (.17 2)

Kia-Ori Gold 6
KBcbciKr Gold Mia. 50'* 70
ICullm (Malaysia* 50
Lckiiardt Eanl. 9b 11

FT UNIT TRUST INFORMATION SERVICE

OFFSHORE &
OVERSEAS
FUNDS

Adig Investment

PbRfach 70S. 8000 Munich V Tries 5242H

Adirenu ^.IDKW.

-Ail verba U»*£-

Fandak BU27.77

Fmtid- [DWZL97

Albany Fund Muagcimiit limited

PO.Sor 73, a.HeSw. Jewry. 053473933
“ Attriny S Fd. iCl^-.'-j^SMMJtT^W ....4- UO

F<y Alerealer Find we UopB BM Inri' Goemey.

Altai HaSrvey & Ross Inv. Mgt. (C.i.)

1 Oaring Cress. SL Helier. J«r.,CJ. 0534-73741

m

Alliance International Dollar Reserve*

CO Bank ol BernulA HanMmiL BervmCh.
d*ACMI.6a*35iMnSLE«. 012488881
Distribution February 18(50000375) (14.7% pj.)

ArtMithnot Securities (C.I.) Ltd.' (aXcM)
P.0 Bov 284 Si. Helier, Jersey 053476077

Dollar InamvTg. ..IUSSD.M

SSMSu

Daiv Dsdmg*^yieta breed on it

B.I.A. Bond Investments AG

10. BaarvmrreM CH030T. Tug, Switzertand

Bearer Sid. Feb 19_|10, US .10.7001 . .. J -

Bank of America International SA
35 Boulevard Royal, Luxetrixug G.O.

Widvweg Income _.,JiBSW W 108534 .J 1738
' Prices re Feb IS. Non sun. tbf Feb. 17.

Barbican
iu* bo»

Barb Ini

Barclays Unfcom Internationa/ : -
l.Chreing Crass, Sl HeBer, jeoey. 053473741

l,Hiqii»SL.IfcudJ£ id^Min.

^9

S.S. Europe Obtisatioas SA
9. Avenue de la Libert «l LiorenOaurg

Eorape-ObAgreioni ...| USS4421 |-riU« IBS-

Eurotax Investments Ltd.

^ 072733168

Eoreux inv. Fund— IID83 112JI ..... j —

FAC MgmL Ltd. Inv. Advisers
— 1. Laurence Pouttney HiU. EC4. 01-6234680

= m, u m w $

Prices FriL 10. -Wteldy riedm*.

Fidelity (ntamdhmi (C.L) Ud. ■
8_ft*etwv»y Heme, Queen SL, SL Hriler,^
Jersey, C.I. 05347UI96

American Assess
Am. Vds. D*n.Pf . S3” .

American vres.Com.*-

GfltFund

•Prices re Jan. SL

-3 -

ui Managers (Jersey) Ud.

» 63, Sr. Heller, Jersey 0534 741
(.Fund .-P0B2 115.71 4

74806
2jOB

Flemitig Japan Fond SA -
37, me Notre-Oame, liuceiribom
FlenvogFeblA | USS5652 |

Frankfurt Trust luvestroeiit— Gm6«

. Wleseireu.l, D8000 Fraridurt

Fnu^ESriiTdl'l^il “

Free . Worid Fund Ltd.

Bunerflrid Bldg., HamUton. BermiA
MAVDet SL -| 8SS15332 f . .. .| -

(L T. Mreugement (U.K.) Ltd.

tS? 1 Sw^RSf^Jufe&ioo.

London Agents (or.

Anchor GffiEdge.-.

Auer lOLFd..

w -lALFd— ....—
Berry fjc BL
BenyPxSufg— — .
G.T.AdaFd

G.T. AuaStertiflp.
G.T. Australia Fd .
g.t : r

G.T.Ddflar

to m

_60 J

|£4J4 4^641

.tisTM aid

GX Mr.lStrig.) Fd. .K14J8
.T. Inrest.fi— .—I ‘

Llrworn Aust'. ExL

Do.Ausi.Jtin.

Do.Grir. Pacrflc

Do I ml. Incomp--...

Do. islrol MbnTa_-j40.0
Do Mare Mutual ...,|494.

Bis ho psgat e Commodity Ger. Ltd.

P D Box 42. Domias, I.O.M. 0624-23911

» DG::-.I r**

CANRHO” Feb 1

MAP SA- Jan 4... I*y.*j JUJ^I ■

Ongmal issue -Sill and mw ll Ned vat

Bridge Management Ltd.

GPO Bo* 590. Hong Kong

ISSSSliiiJ-l.aaS’ljTl la

Britannia Inti. Investment Mngxrt- Ltd.

^a&8sca , .ia r

Go« Fund* ........ ...

UiuMral GnmUFund..

Dollar Income Fd -_

SSSniSSSSS?^*

Australian Peri. Fd- -B2-5
Far East Fund, , . -...{927

IE

G.T. Tectaioiogynt-
_ G-T.facHfcFaL-,-.
“ G.T. Aw GnMb.Fd.

USSU-53

14 9SHU9

suwT.rTwS) 1

(Fir Eaaj iwjlft::

!.0B

57 23i _

liK*^rtwIdi Fund

U5M Purer.,

Sterdng Dtporit Fl
ML waged Cerncy Fd.

•'Tundav

Brown Slupley TsL Co- (Jersey) Ltd.

PQ Bo>583. Si Heher jeney. 00474777

SSSS^'ScA zlSI^’i* 5

ButterfieW Management Co. Ltd.

PO. Box 195. HanhHon, BexnMbL

Buhress E gwiy _.(UHHL29 4J"

Buttress Inome .. .Jl2i 2x
,".4*s re Feb. JT Ne« a*, dre

CAL Investments (loM) Ltd.

36 SI. G«u» St, DcWire^lOM 0624 25031

Men Ming mpManA L -nbrdi &
ranitiirr SA-

P 0 Bo* 178, 1211 Geneva 12, 0104122 466288

5SSS&:.— :rf®S.ia :::: ! ^

Capital Asset Mresagen Ltd.

Bwnufe HW, Sn. JufUK Are. St Peferl
Guernsey C.I. „ „ LWU *

The cwrerey Trust ..|9B0 mOI .... 4

Capital Intematiood Fund 5A .

43 Boulevard Royal, Lmtesrtwwg

’Capital In. Fund I USS24.80 I - ■ I “

Central Assets Management Lti
Chaimri Hse . St. HelieT. Jersey 0534X3673

Central A»ec<.. UI ....lQlD 73 230.76|-^L09| —

0.96

Ciiarterhotse japhet
T Preeraower Rm, EOT
Emperor Fund*. J..— .157-52

Hhpano

• Pncts » Jan

03-3483999

.,21 45.401 . _ 1 .632

Nnt Mb. tm Mreth 1

Chawton Commodities (isle of Man) LW-
29. Athol Street, Dougta. LoJU- 0624 21734

3j

.-J 61

hoowudv

Onn Currenm & M

Com hill Ins. ( Gu er nsey ) Ltd.

PO Bo. 1ST, SI. Prtw Pon, Guernsey
im. MSI. FcL., .-.1227.0 247^ •— J ~

Cnrtexa International

10a. FoiAremd UmadL l-wrmWorg- . , a _

Coma imnl I USS87.29 J* 1451 “

Crah) mount Fixed Int Mngts. (^^*7) ,
P 0. Bo«' 195. S! Heiler/Jersey. 0534Z7561
Gik Fond iJsv i. B3.7M ... ) -

-Vdued weekly W«*iesd»y.

DWS Deutsche Ses. F. Wertpaptarsp
Crunrtiiigweg 113. 6000 Frank! uri
lnresa-!3 __|OWOB7 3L60(f0Ifl -

Delta Group _ '

PO. BO. 3012, NaoureJ Mum,,,

tkz Jn. Fell . ..IbSOIB ««

Luden Agrees. HelreMri Benson. Tei. 01-623

Oeutscher iiwestme»rt-Tnist

Pmrtach 2685 MtiW'fiU I £S w * W

SSsif® sfas z

Dreyfus hrteicanffnefltai fiw. Ft

PO Bn* N3712. Nassau Mira . ,

WAV Feb. 16- W5E6W.-2&37I

Duncan Uwrie Inv- *teL Ltd- _

Wittdrv Hse, S« P«er ftirt. Gueimry. M81 2803«

Ems or & Dudley Tit Mtft
P0.So»73.Si HHler. Jersey. 053473833

EDICT 11240 ' 1366i ... i -

Tim Engfish Associafi’dft

AFaraSowL EC2

E A Incgme Fd - 9 67.

lAG|eri.ng- . _ KJ3T7 7

-rent dnshoj F«I.S '“hnrt

Eurobond Holdings H.V.
ftiwnu* 15. Winmdad. Curacao
London Aomtv InrM 1‘3 WtahmSt. lA«drei EC2
-j^Beoii , 9S0

sssssa'-BS 1 iHriAS

JanHne Fleming & Co. L td.

46th Finer, Cannreigm CmW, Hong mat
^F. Japan Ttt. “

(RCClXILl -

Dg/ABsml-—.--
JF. Pre.Seo. HneJ
Do-tAoum.)

j.f. umTst

Do. (Auaxn-J
J.F.S.EJL-

DO. I ACClinll .rev

j£ br.&BdFdiirc:

Do lAcoan.1 -

Tn fliaBuflll Trtrill
Euro Hlppi— JUSSSQi

rarere-.-jj =

Moan.)- ■ -j-

jagM & pacific EiVTO

Atnrtba

9 JO

Leopold Joseph A Sons (Guernsey)

Hlrael Cl, Sl Pcier Port,' Guernsey. Cwai-26648.
LJ. Sterling Fund .034.45^ . 14.46) J -

King « Shunn Mbgra.

5sgsg. c »afl»ar- asss

lTtomas Sreei, DouireJ. ant . ,(0b24)4856

Gift Fund GrrMyl”^ "*■

□It Trim (lre.UI

GBt Fad Guernsey!

fHB, Cwri. Tct .

mtfc=m Jn -:-;i =

Kkinwort Benson Group
20, Fendhach Sl, EC3. 01-6238000

ftBe=A& m

K.B. Eurobond Fd-_P025_ r 1A36|

LIB. Far Em Fd.

K.B. Gilt Find

K.B. IM.Bd.Fd.IK.,

KB.ln.Bd.Fd.AlX.

K.B. rntl.Forei |

laSSSSfa-: 1

ICB.U£.Gwtli Fd-

Ciqdm Rfcmula

TisSdSSw^r..l U5S49[6£cgd I+02B

Korea International Trust

Fund Mu.-. Korea Invest. Trust Co Ltd.

e/ov^m MUA.

Feb 19. NAV /Won 734224) I DR Value
US510^90J»

The Korea Trust

Dnetan Investment Trust GoJLtd.

FKI Braking, 1-124 Voktodong, Seoul, Korea.
MAV Feb. 6 IV*m 1GJ.7DI IUSS1S2U

Lnxan! B ro thers & Co. . (Jersey) Lid.
P.0.Bm 108, SL Heller, Jersey. C.I. 053437361

0534 73933

Save & Prosper Intctnationid

p'SiBok 73. Sl Helier. Jeney-
Ftxed l merest Fin*

DUrF^JM.” jf

r

IMemsii. Gr.**_. — f

FarEanenrt (I

North Ameritao*t..-.h
Se pro-4.— 1

bbo

15071
Feb 17.

2.58

| 017

•“Fetasny 12. — I Weridy dredinasi

Schroder Life Group
Encerprhe Home. httiMalk. <77051*7733

Intemadonal Fund

EEguliy 1

BStai:-::::

SFi*id Initmi.-

sMamged

SMaravrd

Schroder MngL Services (Jersey) Ltd.

P.0 Bor 195. Sl Helwr, Jrrtry 05341*7561

Sleriing Monty Fd — KlLiM II 48461 J -
Not utotniaM 4*y Feonray 24.

J. Henry Schrader Wage * Co. Ltd.

120. Cheagude, EG2. • 01 5UO.400D.

Am. In». Tii. FdL 10.
Aslan Fteti Feb 15. -
Clu*i>UfcFtbl7..._
OarCmFirel Frb 17 .
Japan Fd F«bl8-— .
TrstatgvFd. Jwl31-

77 - .

1^94 loS|
USS229A6

&

2 '..

0^4

Schroder Unit Trust Mgrs. Int Ltd.

Bo* 273 SL Peter Port, Granoey.

ibsar=||

5 Badly |£S 9L7

Lloyds Bk. (C.I.) U/T Mgn.

P.0. Bo> 195. SL Hrfller, Jersey. 0534 27561

u °r* Tst-iD ^.-B OS, ^fiWL --1 136 Sdimmr Lite Mneanot UL Ui. .

Hat oeMog dix j Fe<rvary25 .. £^Kfb™I®6® W

Gartmore Invest Ltd. Ldu. Agts.

2, St* Mary Axe, London, EE3. 01-283 3531

ffSS£S!SgS/g:“

Git Fund (Jersey) —4760 8L
tefoure ftnd ‘

1503 HukNmi Hse.,

Australian Ta-c. —

HKAPae-UTTsL-
Japan Fi........

Gartmare Fond Mibi a ge r r (iOW) (a)

P.D Box 32 Douglas, Isle olldan Tel, 0624 23911

SSSJlSfcga .SS::::ja

Assicurarioni GENERALI S 43 A
P.0. Bw 132, Sl Pew Ron. Guernsey, CJ.

sajMTS^Pisi sa d =

Granville Management Umited .

P.D Box 73. N. Heller, Jersey. 0534 73KO

4.»

„ Gufmess Mahoo Fd. Mgrs. (Guaroey)
Inn PO Box 1BDSL Peta Poa Guernsey. 0481 2C06.

_ Ind. Fund BJ.9.78 20391 ... .1 U-40

Prices re FtbnaryTB. MM deumg lirdi 4.

Hambra Pacific Fund MgmL Ltd.

2110, Connaught Centre, Hong Kong

BrSSicJN Kkol =

Hambros Fd. Mgn- La -
P.0. Box B6, Guemse;

^rtB/ReserreF*

SmdSliBrFiSi;

Sierlmg Income Fbxt
T rans. NaL TraU, —

Intel. Said.-—

B-SSKrar:

Henderson Admin. (Guemtey) Ud.

7 Mew St . Sl . Peter Port. Guermw 0481 2654U2

Amenom (US cents). 1116.7 122.9! i —

Henderson Baring Group

601. Gloucester, 1 ^

JSSSi rsir.® a -

B»dFd"F5j8~^l!i§£S 10.00

IfilLSamtel a Co. (Guernsey) Ltd.

8 LeFetwre Sl. Sl Peter Port, Grarireey. C.i

GpemseyTjL 1202.4 ZUxS -oil 324

H» Samuel Investment Mgnd. l^iL
P.O.Soh 63, Jersey. 02347US

H.S.lntnl.Gth.Fnd..Bl5.1 _

53425

Lloyds Bank International, Geneva
P.D B« 438, 1211 Gemw 11 iSwiuertandl
Uowfcha. Growth -.| 5g« M 634ig -...J 0.70
W. Income —|sF2»00 3W 50| .. .J 7.90

Lloyds Bank Internal tonal, Guernsey
P.0. Box 136. Cuenoey. Channel htands.
Alexander Furd.._. I USU09 I .. J -
Mel *Mri value Fcauwy 16.

M & G Group
Three Quays. Tower HiU EC3R 68a
Atlantic Ex. Feh. 16-”“"'“ ' ^

01-6264588

AustreGaa E*. Feb. 1.

Gold E lFi*. 17.. ..

(Accum. Units)

Island.

(Accum Units)-.

Management International Ltd.

Bk. of Benrextt Bldg., BctumBl 809-2934000

Bda. IntL Bd. I _ ..... _

Pmes on Feb. 5. Men >

Mhfland Bank TsL Corp- (Jersey) Ltd.
2B-34,HQlSL,SLHei<er, Jersey. 053436281

“ttaStelS&v

MU. I

Samuel Montagu Ltbu Agents
114. OW Bra»d Si.. EC2 01-5886464

life

lX7Jteybc.Feb.10,
117 SUg. lies. Feb 16|

BOO
1000

IBKB'dH StLvjl

Frices an Fro. 17. Mere arelvre Fdvvfy. 34. -

Scrimgeour Kemp-Gee MngtuL, jersey

l,CMrwO Crow SLHdjer. Jersey.. 053423741.
5 KG Caudal Fund . .-0595 1M.4

SKG Inunw Fred .. .A)

GiB fired- JU14.7

Sentry Assumce International Ltd.

P.0 BOv 1776, KHMllWl 5/ BeffnuO*.

Managed Find AuMlSIt 61566J . . 1 —

Signal Life Assurance Co. Ltd.

2C Secretary's Lair, GdMUar 011*350 7»37
GrawdiStrBk«isFd.-|LZ30 LWlHHHl —

Stager d> Friedlander Ldn. Agents.

20, Cannon St.. EC4. Ul-2n89b46

:• I &

Strategic Metal Trust Mngrs. Ltd.
3HIHSIW. Douglas lOU 062423914

Strategic Metal Tr.. . 11050946 0.9701 . ..4 -

Strangtald- Management Limited

P.D Dm 313, SL Helwr. Jersey. 0534-71460

Commodity Tnat H3X62 140651 ... I —

Storinvest (Jersey) Ltd.

4, HfflSu Douglas, bleniMan

Copper Trust 102.42

TSB Trust Fund* (C.L)

10 Whirl Sc, SL Helier. Jersey <C1).

' iQESSa :ffi .»

062423914
DD71 ...J -

053473494

Minerals, (Ms Ret Stas. Fd. Inc.

P 0. But 194, SL Metier. Jersey. 0534 27441

MORES Feb 18 IUSJ9.10 9S9| I -

Murray, Johnstone (Inv. Adviser)

163, Hope SL,Gasgw.,C2. 041-2215521

Pacific FudJan. 31.|

NaL VWestmhuter Jersey FtL Mgrs. Ltd.
23«S Broad SL, Sl. HHler, Jmrf. 053470041

KBSti .a^a

lidaiittlonre Bond* ..Dl-5 S3S| . _.J 10.19
"Sub. thy entry Ttara

Negit SJL
10 a Boutared
NAV Feb. 12

LiuenCowg

— ' ! J -

N.EJ- International Ltd.

P.D Bta 119, SL Ptaer Pun, Gimney. CJ.

048126741

Padflc Basin Fund
10 b Boulerretl Royal, Unembourg.

“feKrarS ,JX?u tVLc

Hmsix intMnational
PO Bo* 77, Sl. P«er PwV Grero
Jnter-OpnjrFimL — 1'

Fhr ErstFund J

lnU.CuTfncyFred.-l
DoUv FmL Im. Fred. .

Ster. Exempt GUI F(LELB2 O

Praridence Capitol Life Ass. (C.IJ
Pfl Bo* 12, St Pe«r Port. Guernsey 0481 26726/9

im-Cummut^T^^ W^ -".! -

IGF Management Services Itul,

era fegfetrara. P.0. Btu I0M, Ob«an H-. BWI.

Intern). Geld Fund — 1USS76II6 798S — - J —

N.V. Interh eh eer

P.O. Box S26, Delft, HaHmd

EsmeraM*(O8erPCe)I0fl7pBl — 1+02U 234

International Bond Trust
2 Boutaard flaiN. .Lwg* 8 "^

NAV Fee W _— ^..|USSJft2f JOJTfrCm —

Intwnattona* Paefflc tov. IM IM-
PJL Box R237, 5b, Pin Sl, Sydney, AuA.
Javelin EqattyTa — MS32J 336i 4 7.10

Inve s t m ent Advisws, Me.

Fust IrwreMionai PM, Twl

Fimric lme tt.Fd. - i
OK *ge«: ■bm FMw Te
Sumbeig U*w.

Quest Find Man. (Jersey) Ltd.

P.D BOX 194, Sl HeKer, Jersey. 0S34Z7441.

°Pn«i n re^riiteiy' Wton dediiiTtewr 24.-

OuiKar/Keinutd Commodities
31-45, GiestomSirrai, EC2V7LH. 01-600 4177
WwcTfa. lnt. Feb.L. l |CQ 3.^. -1S MI - J -

Here dealing dree Wwb L 'Wenm. M^FreTt'Feti :

BBC Investment Managers Lhnited sSfriSFrt!^.

PO Bok 2*6, SL Pater Pen Gumney. 0481 -23Q2L SSt^Stn!. fro. 1? .,
Ml. Income Fa, . — RKS J5 933 ... J —

INI. Cwtsl HI -HOTM 10 JM-aQS —
Norw.Amerl6aFd-.;„H@4,46 4,Wj — 4 —

Raminco M ma g m Ltd.

P.D B*. 1549. HnSH Beriwda. l«Wi 2-7979
RAMINWFeb. 1:«-|M.S1 8771 — J -

Rtotanend Life Ass. Ltd.

4 HiU Street, Dougtet, I JJ.M.

aapsai

RuUtschiU Asset Muibgrmwt (C.I.)

P.D Bo* 5D St JdibireCL, Buendey. 048126331
DC. Amfria Fd.t~.|r — ** '”' J 1

ThBJertey Fund. WO

TSB Guernsey Fred. 1573

Price, on Fro. 17 NmL sre. t*t Fro

Tokyo Pacific Holding* N.V.

Intern MmagcriMit Cu. N.V, Curm*

■ NAV per shut Fro 15 US$03 J5.

Tokyo Pacific HUgs. (Seaboard) H.V.

'Intuits NUnagtcMM Co. N.V., Cursuu

NAV per Dure Fro 15 USfibO.75.
Tyndall Group

2 New SL, SL Hditf, Jersey. 0534 3733173

TOFSLFeb 18

(AdjiiTl. StOMl

American Feb. 13 — .

(Accum siranesi
Far Eastern Feb. w-

(Accum. sham)

Jersey Fd. Feb. 17
7NonJ.Acc.Uts.)..„

GBt Fd. Fro 17

CAccum-Shaues)

(AccunShw-MJ/. —

Managed F(b. 18 —

SS’SS^dns:

t&Ay h*L Feb. 18-.

Ffenm ted Feb.

Comity. I ml. F<± ,

Pacific I ml. Frb. is .. p

M. & TytreB & Co. (Jersey) Ltd.

PO. Bo* 426 l Sl Heller, Jersey, C.I.

o«ac 1 - usauq ..-.j —

ffian'rghffinar&Ssf*^

MTSSSiEilSS sue 01 *?- 11

Union-I tt vestrnapt-Gesellschaft mbH
Postfarii 16767, D 6000 FruMiri 16.

UNftmfc 11A91_ "

LWrak

Unrenta.

V.CJL Financial Management Ltd.

42, Esse* 5w*H Lundoo. WC2. 01-3536845

PanRnwr. q>Fd._- .WSJt06 - | j -

For Van Catseiii A *0U>t. See V DA Fnanad.

Vanbrugh Fund MngmL Inti. Ltd.

28-34 Hill SL Sl Hdlrr, Jersey, 0534 36281
Vadmii Cwiwcy Fd 1107 J 107.81 • -I 3- 70

S. t Warburg t CD LID

30. Gmkam Street. EC2. 01-6004555

12361-0011 6-51

Mere. MqTFen 15. ..1Q&3) pill -
Select Wl F ei 16 _..|U5&226 127(11 .... | -

Warburg Invest Mngt Jrsy. Ltd.

7 Library Placr. SL Meber. Jsy. Cl 053437217

OffOftMdBA :-.i

£■

Wanfley Investment Services LtcL,

4di Floor, HutcMw -House-, Hoot Kong

WadteyTruB- ,,.-hKgU4 ' 26601 4 4.g

Mbrtfley NNsAt Fllwu ... 1 7»

World Wide Growth Management*

10*. /BMewrd Rural, Liurerbowg

Sacs

WrenCtHenod.Ts..a8S »4| | 660

Chinese Fund
Pree teu s MwN Fur*!.

nsss^s&^o 10Z3

Wren hnH. Fnd.* llBttjn LOl'

NOTES

Prices are in pence todete otherwise mdcated
rWds % (shown la tuuSumn) a/low tar ail buying
— — s. a OHered -~~“

DC. Hong Kg.

atB^

mi — mu — —u --■

issAitfaessti

“Daily daftrgs. ‘“Feb, 15. "Wl

raprnses. » OHered prices include a0 eaperees
b Today'*, price*, e Yield breed on offer pner
i EUknutd g Today's opening pnee.
h DBtnbur — " — -*

premium
nswsMce/

m omiuni 1

h Dutnbuoon free of UK lana. p Peftedto

' — adraanee ptam; « SMgle /msakim

• x OflerM price Jntiudcs all expenses

ereept aunt's somniraon.j Offered pnee tetiudes

Fab. 19-

Pound St' r ling

U.S. Dollar

DautBQham'k Japan's* Yen French Franc Swiss Frano

Dutch Guild'

Italian Lira Canadia Dollar Belgian Franc

Found Sterling

1

1.864

4.385

432.5

11.153

3.495

4.810

2439.

2.254

74.85

U.S. Dollar

0.539

1 .

2.36b

853.3

.6.016

1.886

2.594

1201 .

1.216

40.37

Deutsche mark

0.2 BB

. 0,423

1 .

98.63

2.543

0.797

1.097

533.3

0.614

17.07

Japanese Yan 1,000

• 2.312

4.287

10.14

1000 .

35.79

9.0b 1

11. 12

MU7.

5.210

173.1

French Frano 10

0.897

1.662

3.932

387.8

10 .

3.134

4.313

2097.

2.021

67.11

Swiss. Franc -

DJJ&B

- 0.530

U 8 M

133.7

3,191

3.

1.376

bbtf.l

0.045

BIAS

Dutch Qultder

0^08

0.300

0.912

89.92

2.319

0.727

1 .

4Bb.2

0.409

15.56

Kalian Ur* 1,000 -

0.428

0.793

1.6 i 5

184.9

4.769

1.495

2.067

1000 .

0.U64

32.01

Canadian Dollar

0,444.

0.823

1.946

191.9

4.949

1.561

2.134

1038.

1 .

33.21

Belgian Frano 100 ■

1.33 6

«.4i7

5.858

577.S

14.90

4.669

6.426

3124.

3.011

100 .

fcsss&nfim--

MIM Hldfli: 175 fill - -

Madlun- Fond £0 *9- tl 552) -
Magellan Pols. Amt- Tfe-S
Map net Metals 7b a (, »

Martrtf*" Planre. 4at<

Marks SpertCer Canada 390
-MaUuihin'giK. indt. too
M eekatharra ,Mins- 1 3* a 40
Meridian Oil 11 <17/2)

Metals Exuld. M _

Meuna Mins. IS 497:21
Merramar Mint I59-1J (17.21
Mid East Mina. OU' '

Miiuwuti Mlnrnu £2&‘j (1711
Mo«uf MlAtM w'l blSkSi -

■ Monarch Pw*s. Bfi Ij
Mounie Oil res.ttfi.2l
Mount Carr Ins ion lib <13-21
Murpftir OK uSv22 rlfi.a*

Mvwv Kjnportum'2£i* s17fi) -
Near 1 River U.i| lb-._

Hew Metal Mined. 10 15,

Ntwmont Min Ins fclBi; 1
Umn Zealand Famr Prudu- 147 <lA2)
MKkafere 35 '1 7
Noranda- Minn *

Norm -Broken .

Nhtth Flinders.--
Norttwn Mini dp fASO.U Pd.l 111 (12.'2)
OaKbridge 919 BJS 98 si 82)

OakwDoo Int Pett lOlj
Ofishore OH iA60J>51 IS lfi*r 17 <] 19
19

Ohio- Re*. 40*: t sox

Oil Co. o* Australia 2.1

Oil Min. 67 «»2r ' * ■

Oil Search Ifiij H 1 3 -la

Oriental' Pets. B'OSte <17.21

Otter .ExPl. 4B9-3H 9- " ■ •

Orirwu Chinese >U, 240 (17. 2)

Pacific Conner 75 s • -
PtUbora Mining 525
Pxlltser Rh. IIKHU.fiO 3 70 9
Par D'Or B - -
Pan Pacini- fall 8 1)

B nuntmemai Mining ID4 5 ■ 8 10 14
ncontlnenul PH- 19 20 1 ') rl7,'2i
Pancuntineirial Pet. Onu. 9
Prko-Wallsend 318 25

Pdm’cMtKl US123> £122-1 3 .

PelroAna SA USSUSijO £54 ] l 54 M

Prrrotaiin Sea. 2W -<17.32 1 . *

Midst Oaduc £1 5.05
PMUlM Pet*. EJflti iia-iW :

Pltprlin Pets. CSB45

n 825 «I72>
Hdl 1349 4
S.2G >4 416-2)

PfoflMr Concrete 80 S ■

Poeeldon 104 STB
Power Cent, Canada 560
■Pr.me Computer USW7'-
Project Oil Exp. 40 116 2)

Heel Oil Go (17.2)

Rembrandt Group *5£ 65 (17'2I
Kennirn con* zjo 1 ! Z'2 1
Nowell 6B5 .

Hove* SlarbM-Miu. 250
fi ahd K Pel. 75 IM'u S*
fiAfiOL 147 S
Sabina la 17 <1*21 ,

Sajiumiia Ekpta. 17 <!7i2>
sanras -’02

Mepllw Kef. 350 £ S 70 5 90
fie* VH« riots! 1 -eOd) 02 2<
fiehraper- emanate £1 iliri
fidaiiiiBi ri.-e*. 133
It I'M! A iO
Sell* it’ Z S3

fiParVetOU PaL 12 14 !; 76
fihura Cpa. 1E4 1 ll 7 2)
fibril te>l

finei Oh DMIS** _
fillNtapurc- Land 723 115 2)

Sleigh IM. C.i 47te

SuuUl Alntan Maiigin**# 117 22 i17'2l
It: Pete. If b; 77 *1

1*

fioulnwfl PkCiSt:

fi paras 12 13
Standard Oil Canada £17 03 HC 2i
fiiandaru Oil Indiana ti'i.i u
Standard un onu US* S3 £17.73 17 1* **
17.90 13.00

Steep ROck Iron Mines 7 5D lib 2)

<(rairs (nfiW ISO <*2 21

Strata Oil it, 7 & >: a

filuu Oil Uplisns -M‘- M7. J]

fiirultwr* Wells 332 I7 2 i

S»url» MeaiMw Pine. 47

5s-n Hung Kai Piops U’i >17 3)

suiillwxk Prli Iba

fi well Re*. 290- £lt 8 9

Swiir PeCIns A a 0<4 ■» It 1 >< 2 ]i| 4

Seirc ' ritfi» *.4>- a h

Tata Lib. 4£tM» <17. 2)

Taroc-I Pell. 1 A 1 O.IS Pd 1 1£9 1 Sij
Tannine* 2d <16 2)

Tctlt CPU b 403 10 13 30 3
Inal Oil Gas U5127ip
Timor Oil 3U-
T earth Co. -1 lO
Tn-CPtilinaalal £9’*

Itellcvrr NV rrl. 20 i £13.35 32.95 11.05
uniat* Oil Cain. U&130'* £ 16 ** lie 2 )
Union rax £71

tits. Oirnrit aank 100 ‘: 8 .

Ur a. Oversea* l*iw bo 02 2)

Utd. Plants. ■ 1 mad 1 39-*

Vauant Canta. *»'j

Vam 1«>> 1162 )

Vamga* 537** SlStt)

Victor 611 U <10 2)

Vnltan Mini, 53* <1 V2>

Wartiot Res. 41
Wavte Malta uetnent £19
Wattle Guilt Cold £

Weal Ctfavt Hides, ofi <17 2i
Wax! CmiI Tran* 490 <U,2|

WeUftvM Mint. 42 rid' 31
Wefiliiifitrauw file.. LlJir (17 2)

Writ mi*. 109 tl7 /<

WIMilM Marstir A 50® 4 *j S
WnuKkt M«t4en 1 29
Wnreiuk Ma/iittne b Ifi
Wliiid LrMk Lons. 22
WMiUliir Pets fifio 1 . 7
Wwluuth F. w. AnierLa 587
Wuyieuin nines s*o
Vurk Ka*. Ifis, 30 1

RULE 1G3. (2) (a)

Applications gran led fur specific
bargain* in lecurhit* nut Us led
on any Stock Kksdrauz*
Alliance Bldd. tec* 12Ua»c bda, £vvi*:a

1* £4 0n24 S17.2)

Arveiwii FC Os) 7 ,

A»M Hotel* 105 M0 2)

baker SlaSllitliliS 27)4 1 1 2* 7]

Berkeley flat Hill inti. B‘i 1 It 2)
drrtisn Ural lie 4 A .,17 2)

Ciiiirt iMi.i Alai lit**. New 100 <

(1 V 2i

Laniwi* il in*, s OLD

Lanrix! EdUrp. U 3fiQ

CejrLtn l»d>a PlaBIcia 207 lO Hfi-Jl

Cbalinel H4lrl| Plapv. Ill* vl 7 2i

Cl C in*. Ip 33 123

CIC Inv IDs i- 4.1 2 2)

Canid. Ok. Wfilea 93 100
Cunmnwiiam* 1. W. Tliwalld* 4pr IM Mtt
£21 1 *17 3*

First Cattle, ktet*. 12K Cnv. LA £105 fi
<17 2>

Firvnt iparci 23d J <17 J?

GRA Prop Tct. I □** X

g reiidan Tal. 1 Ips kuu. Ln. ET5 U slfi-ai
uarnsev Ga* l.Jlil *10 20 11-17)
has, urea drew. A fiQO 10 ■ 1 J 71
Hemeruan Nina. fimelL CO tl') 4)

Hume brewer* 620 1 3b rib 4t
itiiervisran yuu Fi n. i4 fi
rriirrtitlDn V- 7pti7nv.P(. 125 5 30
Irisn Prac* al *1S 2)

JUrrlln tuult* Tat. ITS BO 4I6-2)

Junnlno* renox 170 SO (12.2' __

Jersey rSt*m *ri fa'ipe Ljl 1SMI4 OUi
fai; £172)

Jesefil Tit. 7 9 10 - t
Jewel Tst- IQpcPt. SO <17, S»
dr* CIi* Props. CS fi*; '» da*)

LPA Rrri1-£(CC. SO'; (102)

Le RKlin Ham 235 0 52'

La. all . V. j.) 7piLum.P1- 30 0 <17, Q)

Mainline Hm. 2

Malta Pat 40

MtlKh Nut tun ISO VIS'S)

Nali JUM Ida Lfeisure fit 1 1 lO'l <12.21
«MW Crariptrirr* MO 2

NpfS»n V-ll*e*v Triuninti
uiuiani Cal-, 1 1 te'J 2 fi 117.2)

PmA ., >11 3 2)

PMPA lhu.e. 4S 0071
Plariiaiiuii Gen Ins*. 70 i) (1 5 2l
Rlklia Plant 19 >ti
RftUcd tl?^» .

firoillih Ceylon te« 36 7 <17 1’

Srr.rn Valley Ra>l. SO 00 <15 2>

<lieralon fie- Intnl. 12 >< rl?-.2)

Sunk Tape T-d .. 5 <; 7 9 9
finutheru NrvtfdJPers 158 60 M5'21
SPO Minerals 12'; 3 4 '.

(nun Nvitlrr I,, .10-21

litburv Brewer r 11* 20 *152)

Wrflabl* A 77'; 5 ilb 3)

YatvriliHi In**. J]

RULE lfi3 (3)

DeaUngt fur approved companlrs
engaged solely in mineral
exploration.

Ameriun Oil Fteld Svuem* 133

Aran Enerus 22 S'* fi

Allanin Netaurces 161 ) 07 2)

Berkeley Ersl 340 1 fi 117 21
Cjlmuni* OHfehdre SB ',a 9
I'aitdew*.* Rn 195 b 7 h 9

feint Balnl Oil t>Bl. 210
Latinioti OH Gas lO
4 rmnart Oi{ EahI. 12*. 4
Mamie* Pel na SI
Mura* Firth k*pl. ifiOo Pd ) 108
Ounry Pel. LO 2
filraua Humana id’ III. hi 42 N 3
fateaua hornana >Oriiisln iNrl Pd ) 1*1
rim u-l (uki 170 17 :

(Bv petmis-iMi of the Sloe *
£i.c/]3ii ge Council i

MONEY MARKETS

London clearing bank base

lending rate 14 per cent
. (sinre January Sit)

Dsy-lo-day credit wag again in
Khori supply in flu* London
money-market yesterday and the
Bank of England gave a forecast
of a . shortage of around- £450m.
Factors affecting l-he market
included ‘bills maturing in official
hands and a" net take up ol
Treasury bill -ElftSm,
Excliequer Transact ions -£l25m
and a rise in the note circula-
tion of £150m. The Exchequer
transactions . figure also
reflected further applications for
Ihe Amersham issue.

The Bank gave assistance ln
the morning of £205<n. compris-
ing purchases of eligible bank
bills. These were split into £4m
in hand 1 (up lo 14 days) at 13?
per pent, 1134m In hand 2 1 15-3:1
days) at 13{2 per cent, ft&m in

EXCHANGES AND BULLION

band 3 (34-63 days) at 13; per
cent and £2m in band 4 (84-24
days) ar 13 J per cent. If al £0
bought £7 ni oF Trea'iiry bill? ln
band 2 at 23; per cent. Further
assistance was given in the after-
noon of F2'23iu making a grand
(olal or. £43301 The afternoon
help was made up of purchases
of £25m of Treasury bills In band
1 at I3i per cent and £21m of
eligible bank bills in baud 1 at
13j per cent, fd5m in band 2 at
23 fi per reel, SS5m in band 9 af
13} per cent and £32m in band 4
at per cent.

Period rates were generally
lower, reflecting a softer trend
in U.S. rates. In the interbank
market weekend money opened
at MJ-Uf per cent and rose to a
peak of 15i-15 * per cent before
sertiih^ hack to 14-14J per cent
mid-afiernouu. Clo-ing iia lances
were taken sl 15 i per cent how-
ever.

THE POUND SPOT AND FORWARD

The dollar continued to lose
ground in currency markets
yesterday as li-S. inleresi rales
ehowed a furlher decline. How-
ever. it finished c Jo-re fa jf< Le.-.i
level of the day, although Mill
down from Thursday's t'la-.e in
Loudon. Trading was restricted
to some evtent ahead of 1' S.
money supply figured, due for
release after the end of business
In London. Against the D-mark
the dollar closed ai DM 2.3G45.
up from 9 Jew cl DM 2.3550 hi u
down from the previous close of
DM 2.3UT5. Similarly agaiii.st the
Swi‘s franc it touched a low of
SwFr 1.37T0 but recovered to
SwFr 1.SS50 from SwFr l.SilM
previously, 'file dollar was al-.u
down again.st The Japanese yen
ji Y23H.25 from Y3A3S.

On Bank -of Rneiaiid figures,
the dollar's trade-weiehted index
fell from 112.7 to 111.9.

Sterling'fi index was also lower,

GOLD

closing fat 91.6 compared with
91.7 un Tlmrwlay, and having
been set at HI. 7 at nnon and 91.6
in the immune.. Sieriinp tended
io Trade sviUnii a fairly narrow
spread of Sl S500-1.S615 after
opening ut S1.S57H. Ii cluscd at
S1.S5:UM.S550, the wide spread
reflecting the ihin trading
coiid i lions, a rise of 20 points
from Thursday. Against the
D-mark it was unchanged at
DM 4.SS50 but eased apainst the
Swiss Irani' io SwFr ;{.495n from
SwFr 3.5100 It was firmer
against the Kreiu-h rranc, how-
ever. at FFr 11.1525 from
KPr 11.1500.

r.uld I el! $2i an ounce in the
Imlliim niurkel in cIum* at S367-
■TtiS, its lowest eltisini! level since
Sept ember 1!179. Reports nr [
further j>nfd sale.s by the I’SSR 1
depres*.eil the metal and there
was I it lie reart urn in the softer
tendency in U.S. interest rales.

Fub 19

Day's

■proud

Class

U.S..

Canada

Neihlnd.

fralgnim

Oenmart

lieland

W Car.

Pamigal

Spam

ttaJy

1.8500-t JG1S

2.2490-2.2590

4.79-4 J3

74.50-75.00

14.35-14.39

1.2420-1.2405

4-3B , r4.4Q‘j

128^0-127.50

180.40-187.70

2,337-2,347

Norway ; T0.99-.11J15

franc*
Swudsn
Japan .
Austria
Swxll*.

11.11-11.17
10.63-10.71
430-437 •
30.70-30.85
3.47-3.52 . '

1.8530-1 JESO
2.2525-2345
4.801.-4.81 1 !

74. 80-74. M
14*37-44.38

I. 2430-1.2450
4.38-4.39
12C. 70-127.00
187.00-107.20

- 11 . 00 >j- 11 . 01 *a 2A-1*iorapm

II. 14V-11.15V Vs pm-V dis-

li-UtrlO.OS'] psr-Vora dis
432-433 2.85-2.55y pm

30.75-30.80 15-1?ii ro pm

3.43-3.60 IVIVc pm '

Qn» noflii)

0AG-0i2Sc tfis “
psr-0.10c dis
IVIVc inn
3&-S8e dis
V-IVors d/s .
0.3&-0.47P dis
IV-IVpl pm
40-1 tOc dis
15-35c dis
HVMVIiro dis

Thrss
p.s. months

1 -29~b.60-b.70d is
"■0.27 D.40-0.66dit
3.43 5-4V pm
-7.C9 95-125 dis
— 0.52 4-fiV dis
—3.95 1.12-1 -32d Is
4.10 4>r4 pm
-9.46 136-395 dis
-1.60 55-95 dis
-6.C7 39-42 dis
2.32 2V-1 1 ; pm
-0.13 2**-3»fe dis -
-0.42 1V-1 pm '
7.49 B.45-8.05 pm
5.26 42-35 pm
5.S8 SV-4V pm

Fab. 19

Feo. 18

P-4-'

: ijo

-0.84
3.95
-5-88
-1.34
-3.92
3.88
-8.36
-1.50
-8. S3
0.73
■0.99
0.52
7.63
9.WI
vac

Clots ..

Opening

Morning fixing !i3nti.7D
Aftamosn fixing b 3 £0. a 9

Gold Bullion (fins ouncol

..1*367 568

fiib?-: 3bB^

Balgian ole is to( convsilibls francs. Financial franc 81.40-S2.50.
Six-month forward dollar 1.05-1 .15c dis. 12-month 1.73-1.5% cits.

EXCHANGE CROSS RATES

Krugsrrsnd

1/2 Krugarrand...
Ir4 Krugarrand...
>i IC Kruyarrmiul

Msplslssf...

Nsw Ssvaralgna.
King Scivareigni.

Victoria Sova.

Franch 83,a

83 pas&s Mexico
103 Cor Austria.
•93 Eaglas

:S578-379
16194 >4-196
Ugg-ioo

340l< 41>*
437ai e -3-iU
StB -4 Ud i*
;hlub-107
faiub 107
Sda ua
4459-458
8397 360
SfiO 1-506

1*198 195i«

;«n9u 3701.

(£200': -20 H

(llSutr lub-4 a 3 741- 375 u

112031, 2031.)

44£ 198.7 98.

SSoT.bLt

(£199.371)

(£198.949)

53bU.25

■£200.570)

d Coins

(2204-2041*1

1 «38t-sa-2

■£20612-2071

IlilClb IQbivl

5198 199

r£107 1,-10730

i£b3 >*-b4 1

1 4101 102

ii: 54 5 r -55 1,)

(822^-221-1

i S4U 41

/C21>: 201,1

l£2U4 -* 204 -*»

l S 382 383

i £207 207*i)

014811 48-0

: «4Ui; Wl

ii'49 49 U)

1257 '( 57 -(>

1 ClUb 1U7

i£57I? 58i

1267 U 57 nS

blOb lUti

i£57'; 581

U47i* 53»

368 98

i£47 s ,-53<

U24b>* 247<n

*468 460

i£248-249 U)

1X192 -,-194 Mi

*359 3bU

.1194IJ 1961

(XSVUiv-aVai

*602-507

i£272 274>s)

EURO-CURRENCY INTEREST RATES (Market closing Rates)

Fab. lfl

Storting

; U.S. bollsr

Csosd/sn < •-. (Wear German Belgian Franc '

Dollar Dutch Oulldsr Swiss Franc ! Mark French Franc Italian Lira : Convertible Japanese Yen 1

Short tarni
7 days 1 notica (

Month' j

Three-moriths ...[

Six months

OnaYtar.: I

14'4-14‘t

.14sg-14to

14..-144

Mi-M4

14h-14£a

W,i-l4;i

14l«-14-4
14 >1 big
19 ■< lb ig
lbVlb’B
-15>«-1 oi 4

■ 19i*-16-4

10-11
111- 11
14ig.lb
19<e-i5i|
13JS-16
161bi«

10-10 lg
la-10i S
lO-lOig
lOig-lUM
lOlg-lOl*
1QI4-1DM

2-21-i

14i*- 14l»
7ig-7fis

Bi D B*4

bk-B-4

bM-tilg

91*94,

9;i-Bu

»:l-lp.k

lu.l- 10 ),
13 ig-lOi*
13., -10,1

14-14 is
14 H*
14 14m
l&ls%
lb lb*,
lBaa.17

1U-S3

19i*fil-4

20--, 21*3
21 21 3B
21*a 22
22 2Sit

14- lb
lb 20
20 2H-
ISH-20I*
lb i- 191 ,
IB 19

. SOR li/ikeJ (lepasiu: oris mo.tiLh tiPu-l^’ic Pur ctnl: three months liSfe-lS^ per rent; si* munlhs I3**-I2 , » per cenl. one vusr U*.— 13** per cam.

ECU hnktni dopas'ils: ana, awnh 13V-7J ? i* 'per 'tern: I hire ni&nitos J Ir'u-* J*'m per cent; nx nmnihs IJV-74 1 * per l-oiii; uno year 13V-I4V per cam.

Asi>n S (clpaing rates ui Singapore); on# mcmih 15 ll i»-15 l, n par cent: Hues nianHii lt» u |».l5 M i* per cum; -m munilis 15 ,, ii-15*h* pur cent; one year ISV-lS** per
cam. Long-term Eurodollar two' ye*rs loV'ld per cam; ilnue years 15V-l6.per cam: loin years IfiVlC, 1 , p*r cun. live year* liV-iG 1 , pc cant nominal closing uw.

The lulkrwmg rales ware queued for London doiUr ceililicalfcs ot dsposii: on* manili I5.b0-I6.10 par cenl: lhrae mumlrg 15 15-15.25 per com; six months 16 30-
18.40 par cam; Ms j roue 1G.KM&43 per dent.

FT LONDON INTERBANK FIXING (11*00 a.m. FEBRUARY 19)

3 months U.S. dollars

bid 1511/16 : qffar ifi'ltilf

8 months UJS. dollars

bid 15 11,-Id offar 19 13.-18

The tiding rates ara the arithmeUc means, rounded to the nearest one-sixteenth,
of the bid and ottered rates lor SIDm quoted by ths market la five reference banka
at 11 am aach working day. The banka am National Westminster Bank. Bank of
Tokyo, Dautccha Bank, Banque Nationals da Paris and Morgan Guaranty Trust.

LONDON MONEY RATES

Fab. 19

IMS

“ Sterling
'Certificate
,Of deposit

Overnights —

8 days HOtlce—i —

l days ar —

7 days notice.^

One month... 14>t-14i|

Two montha..... 141* 14*
Three month*. .14,* 14,t

six montha... — J4,i 14 ,i
Nina montha..^.- 14-ft 14 r i

Or* year .u 14',i-*14|i

Twey«ar«— _.- . —

Local Local XutK![
Interbank Authority negotiable'
depoalta , oonds i

14-lbis

14 i*-144i
14M-14Jg

14tg-14lB

14 ,* 14.*
14nrl4A
14^-14i|
14 , 1 ‘<-14»s
I 14.fc-14*s
14|i-14kt

141*

14ie

14,^

I4.it

14 .t
14 f»

247e-14Ss
147£_-14ic
14(3.-141*
lS'e-lifi*
14 >3 14 lg
141*1414

Finance

House

Deposits

141*
14**
14 »B

J.4iS

14fe9

Discount
Company Marxst
Deposit* Deposits

14i| 14*1131* 141*

Fine

CURRENCY MOVEMENTS

14V14J*

143*

' 14 (g IJfe* 14-« 13*3

Treasury

Bank

Traaa

Mlf !

bills 9

: sin**

— 1

Feb.lB

_

Starting.

Bank of Morgan
England Guaranty
Index Changes^;

14-14 lg
14 lJfi 137*13?fl-T3ft
13 13(s 13£ 13^4

I

_ I _

li -t
Ui*

24J4
14 i*

14 Ja
14

Locirf sulhoritiSB »nd Rriance houses seven days' nolice, others ssvsn day* hired. Long-term local ainlioriiy nmrigage
rates nominally dins ye«i» 14'* per cent: lour years .15 per coni: live years 15'* per 'cent -t>Bnnk bill raiiis m utote are
buying rates lor prime, paper.. Buying raia* fur four-mortih bank bills 13V per cent: lour munths trade hiHs l«', per cent.

Approximate, selling . reie lor one month Treasury bills 13V-13 u r* per cent: (wo months 1 J u i»'-U”m per cent; three
month* IS'j-IJh* per cent. AvpiDauneis selling rare lor one month bank bills 13‘'i* per cent: two months 13', per cent
and three months 13V per cam: one month trade bills- US per uni: iwu months 14V par cent; three month* 14V per
cant.

Finance. Houses Bscs Rales (published by the Finance Houses Association) 15V per cam from February 1 1982
Clearing Bank- Deposit Hakes lor Lums at a* van days' noire* 11V- 12 per cent. Clearing Bank Rales for tending 14 per
cent. Treasury Bills: Average tender rales ol (JrscouRI per Cenl.

Ceitdicaiea ot Tex Dopwsits* (Series. 5) 14V par cent [rom February 16. Deposits umhdrawn tor aach 11 per cent.

OTHER CURRENCIES

U.3. dollar. ,

Canadian dollar

Austrian schilling.

Belgian franc..

Danish kroner

Deutsche marie...

Swiss rranc

Guilder .

French franc

Lira

Yen

91.6

in.s

87.9

115.9
104.0

85.5

130.9

153.6

113.7
79.4
55.1

159.7

— 33.3
+ 4.7.
-17.7
-r24.0
+ 7.1
-11.9
t43.Q
+ 104.4
+ 19.3
-15.2
-67.7
+ 53.5

We a t rtagt mr agreeme nt
Bank at btfaHl
197*— 100).

Dece m ber. Wt.

EMS EUROPEAN CURRENCY UNIT RATES

ECU

central

Currency
amounts
■gains! ECU

% chaqga
from
central

V. change
adjusted lor

Note Rates

Divergence

rates -

February 19

rale

divergence

limit V.

Belgian Franc ...

40.7572

41.7330

+ 239

+ 1.21

+;1.5368

Danish Krone ...

7.81117

0.03970

+1.62

+0.44

±1.6412

German D-Mark

2.40885

'- 2.4S047

+ 1.68-

+0.50

:£1.1077

French Franc ...

8.17443

8.2Z28S

+0.78

-D.40

±1^733

Dutch Guilder ...

2.86382

2.68S73

+0.82

. -0J6

-*-.1.5083

Irish Punt

0.684452

. 0.695828

+ 1.66

+ 0.48

-,,1.6688 •

Italian Lira

1300.67

1308.04

+0.67

+0.24

■t4.1220

Changes ara lor ECU-, iherelore positive change denairt a
weak currency. Ad/usrmenr calculated Vy Financial Times.

. . Sterting/ECU rate lor February 19 0.55827*

Argentina Paso...;i8 I b8b 18.605 1
Australia Dollar.. .'J.VItfu 1.7 14U *
Brazil Cruzeiro..... 297.14 258.14
Finland Markka... ts.3H d.3a& |
OreaK Drachma.. 11 U.a 14- 114.510
Hong Kong Dollar lti.bbb 10.916

Iran Wal_ 14B.BQ-

Kuwa/tD/nar<KDlt 0.5X4 0.330 -
UtxembourgFr...' 74 .bu-74.uu '
Malay si a Dollar ..4.272U4.282Q .
New Zealand Dir. 2.334b X.JdoS
Saudi Arab. Rival 6.316.37
Singapore Dollar. 3. 8U2b 6.UU26
Sth. Afrlaan Hand 1.81U9 1.8125
UJ..E, Dirlram • o,7b b.84

10.000 lO,0Wf
U.UX40 0.9245
13 b. 3d 15U.05
4.4U0U 4.4U2CJ
bU.70 bO.UO
S.b07U 5.8UU0
81.bC'

0. 3845 U.XB47
4U.3ti4U.4U

s.suau 2.3110

1. dbUU- 1.2610
3.41U5 3.4215
X.lOeO X.1050
0.U765 0.9775
3.b716 3,6735

Austria

Belgium.^

Denmark

Franco

Seri). my

Italy

Japan.

Neiherfanas....

Norway

Portugal

Spain

Sweden-

Switzerland ...
United States.
Yugoslavia.

30.60-31.90
82.60 83.60
14.30-14.44
11.09 11.19
4.561s -4.401s
2320-2375
432-437
4.76fs-4.82i ?
10.9B 11.08
123 >9-131

1851,-193
10.64-10.74
3.47 1, 3.511,
l.B4i ? -l.B6l2
94 99

t Now one rate. * Selling isia.

UJL CONVERTIBLE STOCKS 20/2/82

Coa’-

PremJuaif

Sisiifiucs provided by
DATASTREAM International

Cheap(-r)
Int-ouie Dear(— )*>

: N8rae'afid(ifiscri]?llon .

Size '
(£m)

Current

price

Terms*

version

dalesi>

Flat

>it*ld

Red.

yirlil Current

Kanget •

Equ.S Cunv.fl

Div.?

Current

British ^Land 12pc Cv. 3002 .

9.60

297.50

m3

80-977

4.1 J

1.3

0.8

- 6 to 4

31.2

38,2

19.3

+1S.5

Haiison Trusi-62pe Cv. 88-93

3.02

166.50

114.3

76-83

.4.0 .

— 4.S

-54to -1 .

8.3

6.3

- 1.2

+ 3.6

Hausofl Trust 9Jpr Cv, 01-06 .

43,82

119.00

71.4

854)1

S.5

- S,3

8,9

2 TO 10

83.9

77.4

- 5.9

-14.8

Slough Estates lOpc Cv. 87-90

9.31

235^0

1S7-S

78-85

4.3

-5.6

— 8 to -2

27.0

29.1

- 0.8

+ 4.8

Slough Esuies Spc Cv. 91-94

24.88

110.00

7S.0

80-91

7.3

6.7

6.0

3 TO 10

2S.G

44.6

15.3

+ 9,3

* Number of cidinary shires into which E100 nominal St convertible stock is ccmvs ruble, f The e*tre coal ul mvaslmSni m tanvenibl# evpressed as per cent of the
post of tha equity in the convenible slock, 1 Three -month range. 5 Income an number ol ardinsiy shares iiuo which flOO nomin*l of convertible slock >« convertible.
This income, expressed in 4)cncc, is summed iram present time unlit income an ordinary shares rs greater than income on C100 nominal of convenible or the linsl
conversion date whichever ■■ earlier income Is assumed to grow er 10 per cent per annum and is present valued ai 12 per cent per annum. 1 Income on £10Q of
convertible- Income is summed until conversion and present valued er 12 per cent per annum. ‘V Thl* is Income of the convenible ieae income ol rhfl underlying
equity expressed,' es "per cam ol the value ol the underlying equity- ? The difference between Hie premium end income difference expressed ss per cant ol the value
of underlying equity. + lean indication of relative cheapness. — is an Indication, ol relative dearness. £> Second dote is assumed dale of conversion. This is not ,
nedeesarily ihe lest date of -conversion. -

t

22

Cmojiajiies and Markets

Financial Times Saturday February 20 1982

LONDON STOCK EXCHANGE

Gilt-edged strength continues and authorities sell
tap stock in quantity-Equity leaders overshadowed

Account Dealing Dates
Option

"First Dedans- Last Account
4 Dealings lions Dealings Da?

' Jan 25 Febll Feb 12 Feb 22
■■-.Feb 15 Feb 25 Feb 26 Max »
■ ' Mar 1 Mar 11 Mar 15 Mar 22

* '* flaw time" dealing* may take
place from 9JO am two business days'
. earlier.

Gilt-edged set a strong pace
■ again yesterday, generally at the
expense of other London stock
market areas, as domestic and
overseas investors committed
. farther sizable funds to a sector
still offering yields is excess of
’ 15 per cent Such was the
demand that the authorities sold
. supplies of the £20-pald short
tap stock. Exchequer 121 POC
; cent 1937 A, at 201 and 20J. with
•’ a bid of 20} being received too
.late for execution.

. The Government broker also

• supplied the low-coupon
’■ specialist issue. Treasury 3 per

1 cent 1987, at 64}, before wilh-
•; drawing. These official sales
restrained the shorts hut the

• -untapped longer end of the
.^.market surged higher with
•* selected stocks scoring gains of
.^.up to li- Trade, which has
^•recently been relatively thin,
'-'-increased noticeably and bouts
'■..of profit-taking were easily

absorbed.

President Reagan's promise of
, a crackdown on U.S. public
spending went some way to
dispel worries about rising U.S.
interest rates, but the main
incentive for Gilt-edged buyers
was the continuing European
initiative for cheaper money and
: lower rates of -inflation. Measure
, ing the overall strength, which
continued after-hours in the
absence of new official funding,
.. the FT Government Securities
index rose 0,64 for a rise on the
; week of 1.15 to 66.19, its highest
for eight months.

The counter-attraction of Gilts
was too much for equity markets
; suffering again from a shortage

- of investment funds through the
massive over-subscription for

. Amersham, details of which
were awaited. ICI remained
; cautious ahead of Thursday’s
•preliminary statement and
closed slightly easier at 336p.
Other equity leaders were a
touch cheaper for most of the
session before hardening after
. the -official dose. The FT Indus-
trial Ordinary share index began
. two points down but slowly
picked up to close virtually
unaltered on the day. -but 8.2
lower on the week, at 562,3.

; Lloyds Bank pleases

. Lloyds got the clearing bank

- dividend season off to a promis-
ing start, annual profits up -by
around a third and the increased
dividend being at the top end
of market estimates; already firm

•' at 4S0p awaiting the statement,
the shares improved further to
dose 16 up at the day's best of
4S6p. NatWest, the next to report
, on Tuesday, rose 13 in sympathy
; to 466p, while Barclays ended a
similar amount dearer at 436p.
Midland at 338p, retrieved 5 of

the previous day's Press-induced
fall of 7. A dull market since the
poor preliminary results were
announced on Wednesday,
Gtffett Bros, rallied 12 to I55p
— but still sustained a fall of 20
on the week. Win trust continued
finato at 163p, up 6, but
Guinness Peat relinquished a
couple of pence at 63p.

Further liquidation of specu-
lative positions in Jibe absence
of bid developments saw Eagle
Star touch 372p before finishing
only a net 2 cheaper on balance
at 376p. Ahead of Tuesday's
preliminary results, ■Commercial
Union lost the turn to 132p.
-while General Accident softened

4 to 31Zp and Sun Affiance 10
to 900 p.

Trading conditions in me
Brewery sector remained quiet
Occasional movements included
Davenports, up 3 more at lSSp,
and Greene King. which
improved 2 further to 296p.

After the previous day’s drop
of 18 on 1 concern about the com-
pany's -Mexican interests follow-
ing the depreciation of the peso,
Blue Circle reacted afresh to
490p before steadying up to close
just 2 cheaper on balance but
28 down on the week at 496p.
Other leading Buildings ended
on a quietly firm' note, Bedland
and ISPB Industries hardening
a couple of pence apiece to 183p
and 368p respectively. Else-
where. further demand in a thin
market lifted Crouch Group 8
fur a gain on the week of 18 to
llSp, While John Laing added 3
to 77p. On the other hand,
Burnett and Hal lam shire shed 40
to 860p on concern about the
company’s stake in Rand London
Coal, which has been a
depressed market lately.

Business in ICI was down to a
trickle and the shares fluctuated
narrowly before closing 2
cheaper on balance at 336p for
a fall on the week of 10; the
preliminary results are due next
Thursday. Laporte found sup-
port and improved 3 to 144p,
-while Croda International, in
receipt of a 70p per share bid
from Bunn ah Oil hardened 2 to

82p.

Reports of brokers’ downgrad-
ing their profits forecasts
unsettled Comet Radiovision
Services, which were sold down
to 102p before finishing a net 5
down at 107p. Elsewhere in
Stores, takeover hopes persisted
for Goodman Bros, despite the
board's recent hid denial and the
shares hardened a penny for a
rise of 7 on the week to 19p.
Vantona hardened a penny to
132p awaiting Tuesday's prelim-
inary results. Burton featured
the firm leaders, rising 4 to a
new peak' of 182p. Stylo. 5 lower
at 123p, provided an Isolated dull
spot in. Shoes.

TV Rentals firm

Buyers came for television
rental concerns in the Electrical
sector yesterday following
favourable reports emanating
from an investment seminar.
Thorn EMI closed 7 to the good
at 475p and Electronic Rentals

60Q

550-

5001—

450

400 4

1980

1981

1982

Elsewhere, Har danger Property, p? the gold price over the last
dealt in the Unlisted Securities few days. Bullion closed at
Market, firmed, 5 to 103p. $367.50, a 29-nionth low and down

Overshadowed by lie — S11.25 on the week, and the Gold
Uniting pressure on
prices. Off shares passed -another
featureless day’s trading: British
Petroleum managed a gain, of a
couple of pence to 292p, bid

firmed 6 to 94p. Granada A
added 5 to 242p, after 246p. on
the annual report and BET,
additionally helped by Press
comment, put on 5 to 152p. Else-
where, renewed demand ahead of
the results scheduled for March
12 left Kode International 15 up
at 275p. Air Call put on 10 to
220 p, while improvements of 4
and 6 respectively were seen . in
Alien, 2flp, and ESI London,
143p. Telephone Rentals, on the
other band, shed 7 to 333p and
Ferranti dipped 8 to 64(h).
Perkin Elmer 4 per cent,
remained on offer and fell 7
points more to £145.

Engineers passed an extremely
quiet trading session and
scattered movements were
usually limited to a few pence
either way. Among the leaders,
Tubes drifted off to close 4
cheaper at l24p and John Brown
eased 2 to 5Sip, but GKN edged
up a couple of pence ot 165p.
Sporadic demand lifted Wagon
Industrial 4 to 76p and Westland
a similar amount to 104p. Up to
24p at one stage, Tace reacted
to close a penny cheaper on the
day at 2ip following the half-
year loss and the passing of the
interim dividend. Simon Engi-
neering remained on offer and
gave up 4 more to 403p, while
Yarrow reacted 5 to 295p and
Yosper 3 to 147p.

Among Foods, Rowntree
Mackintosh finned 4 for a two-
day gain of 3 to 166p; the offer
document outlining the group's
bid for Huntley and Palmer is
due soon and is expected to
contain a profits forecast: H & P
hardened a penny to 110p.

Grand Metropolitan remained
a firm counter in Hotels and
Caterers and added 3 for a two-
day gain of 10 to 197p. Kennedy
Brookes, dealt in the Unlisted
Securities Market, jumped 9 to
162p in response to the better:
than-expected preliminary results.

Extel became a firm counter
in miscellaneous industrials,
rising 13 to 2S8p on Investment
buying. Demand ahead of the
preliminary figures, due on
March 29, left Low and Bonar

Shell ended that amount down
at 360p and lasmo eased 10 to
310p. Candecca, a good market
earlier in the week on the
onshore exploration agreement
with Esso Petroleum, encoun-
tered profit-taking and reacted
6 to 190p. Berkeley Exploration
eased 5 to 340p and KCA 4 to
102p. while Strata closed 4 lower
at 32p. ORE held at 295p after
the quarterly figures.

Among Financial Trusts,
Centreway encountered support
and moved up 7 to 85p, while
Aitken Hume edged up 3 to
300p. Mexico Fund rallied 15 to
320p.

Late speculative demand left
Reardon Smith. 5 higher at 150p
in Shippings

Lister became a good market
in the late dealings at 35p, up

Mines index gave up a further
12 to 261.3 for a decline <ra
the week of 22A
Gold Fields of South Africa
lost £Lf to £29. “JohradK”
were a full point weaker at £35,
« Ameold” declined i to £35 and
Gene or gave up 20 to 860p. UC
I nv es tm ents dosed 20 lower,
at 560p.

South African Golds were only
lightly traded, with losses among
the heavyweights mostly confined
to around 4. Some of the second-
tine stocks registered significant
declines, as in Lfbanon, down 32
to 727 p. XJ nisei, 417p, Grootvlei,
376p and East Daggafontein, 91p.
all ended around 10 weaker.

London Financials lost ground
early in the day, hut rallied later
to dose broadly unchanged.
Charier Consolidated were finally
2 to the good at 235p, after 232p,
Gold Fields gained 5 to 452p and
Bio Tinto-ZInc put on 2 to 442p
after 43Sp. _

In Tins, Hongkong gained 10
to 410p on light speculative buy-

a further S up at 195p, while
Sothebys rose the same amount
to 333p, after 340p. on a Press
suggestion — that a bid for the
company might he in the offing.

177p as did Fo therein and 3. in response to the return to mg, but Pengkalen gave up 9m

Harvey to 137p. Asociated Com- profitable trading at the interim 'the recent nse to dose at gaop.

m unications Corporation ‘A* stage. Elsewhere In Textiles, R. AustraliMS had a

softened 2 to Sip, which com- Smallshaw returned to favour day than of late, but dosed little

pares with Heron Corporation's and put on 2 to 21p, but chafed with

increased cash offer of 90p per Reliance Knitwear, at 30p, gave MeeMaira

share. Among the leaders. Metal up 2 of the previous day's rise advanced 8 to MAp

Box lost 4 to 17Sp following of 7 which followed the J>re~ press comment. Ashton Mining

Kminary figures. put on 4 to 62p on news, mat

Among Tobaccos, Bats drifted De Beers have been recom-
off to dose 5 cheaper at 433p»
but Imps held at Sip-
In Plantation#, Harrisons
Malaysian Estates gave up 5 to
155p; the interim results

details of the rationalisation pro-
posals at its Line division.
Turner and Newall, at 102 p.
retrieved 3 of the previous day's
fall of 7 which followed reports
of a broker's downgraded profits
forecast. Unilever improved 5 to

mended to take . ever the
marketing of diamonds produced
by tile Ashton joint venture-
Traded Options finished the

are auietest weds of' the year by
655p ahead of toe results, due scheduled for next Wednesday, recording 1,444 deals— 1.CS4 calls
on March 2. while Reecham South African Financials were and 390 putt. The weeks aauy
hardened a couple of pence to the biggest movers among mining average amounted tol,4US. imps

stocks, with the gold-based issues remained octave, attracting Z3S
registering falls to a point and contracts, comprising 138 calls
more in reaction to the weakness and 100 puts.

Z33p after Press comment:

Hopes that the company would
attract orders for its 3-D camera
following a U.S. photographic
exhibition sparked support for
Nimslo which, in a limited
market, jumped to 235p before
closing a net 20 up at 222p for
a jump on the week of 42.

Pleasurama, strong recently on
the London casino acquisition,
reacted 10 to 4D0p but retained
a gain on the week of 32.

Motor Distributors made a firm
showing. A broker's upward
revision of annual profits, due
around mid-March, lifted Lex
Service 6 to 114p, after 115p,
white Henlys put on 5 to U9p
on revised speculative interest.

Kenning Motor added a penny
to 70p, while Adams and
Gibbon firmed 5 to 79p in
response to the good pre-
liminary results and optimistic
statement.

Properties were lethargic and
the leaders drifted easier for
want of attention. Land Securi-
ties softening 2 to 298p and

MEPC a penny to 223p. Haste- . _ _

mere Estates lost 6 to 390p and from I65.9p at July 3L 1981, to
Stock Conversion 5 to 328p, white 67.1p at the half year. -
Slough Estates, a rising market
recently on vague takeover
rumours, eased a penny to 155p.

Throgmorton
Secured shows
slight advance

Earnings of the Throgmorton
Secured Growth Trust have
risen slightly from £119,441 to
£124,501 for tiie six months to
January 31, 1982, or from UL9p
to I-25p per 25p share.

The interim dividend is main-
tained at O.B125p net per share-
last year’s Anal was L9625pi
Mid-yearly gross revenue
edged ahead from £362^98 to
£369,918. Interest charges took
£162,701 (£158,747), administra-
tion £24,101 (£23,041), and tax
accounted tor £58.615 (£60,969).

The interim payment again
absorbs £61,250, leaving undistri-
buted revenue of £63,251
Net asset value per share rose

Scottish Utd.

increases

dividend

Net revenue earned for
or dina ry shareholders of Scottish
United Investors improved from
£2.51m, or l-51p per 25p share,
to £2.64® or 1.59p per share in
198L The total dividend is
effectively raised from an
adjusted L53p to L6p with a
finql of l-02p (0.97p adjusted).

At the year-end, net assets
available for ordinary share-
holders amounted to £1 2 2 . 9 5m
(£U5.S5m), equivalent to 73.9p
(69.7p) per share.

YEOMAN INV.

Yeoman Investment Trust has
repaid its remaining foreign
currency loan.

FT-ACTUARIES SHARE INDICES

These indices are the joint compilation of the Financial Times, the Institute of Actuaries and the Facility of Actuaries

EfttllTY GROUPS
& SUB-SECTIONS

Figm in puentfciK Am motor
of dads per Ktiftn

CAPITAL COOPS (Z10)

BulMing Materials (ZS) ..

Co«racttofc&)mmictJon(Z^

Oectrtab(31)_

E^tareringCMractontT)..

Medanial Engineering (67) .

Meab and MeM Fanning (12)--

Motors (21).

Otter InduSrttl Materials (17)-
C9WII NCR CROUP aW-
Bremen and Battlers (21) .
Food Manufacbalng (21)

Food Retailing (IS)

H0tt»IH«rMdPn*K8(7)-

LHsure{24)

KvnwpM, PuMhWtoOZ) .
Packaging and Paper (13)..
Stores (45).

T«W»(23) ......

Tobaccos (3)

Otter Consumer (14)

OTHER catPJPS 1791 _

Chemical (10) —

Office Equipment (4) —
Shipping aod Transport (13)^.
M0ceHane o«(46).

mriuiu

SSifflHDPt.

Bante(W.

(Xsesunt Houses (9)

Irewrenee ( LHe) (9)
fa am ante (Onqnsite) (ID)
Insurance Brokers (7)_
Merchant Banks (12)^.

Property (49)

Otfaer Financial (15)

issmSes v rvsts xnsr.

Miring Finance (4).
Owreeas Trad ers (17) ....

4LL-5HAR€1

Fri Feb 19 1982

Index

No-

360.70

32302

■ 58349

PM123

■51034

19331

16703

98.65

40L27

29532

29U3

283.13
613-74
376.24

52936

147.67

265-44]

169.13
31231
272,93

257.14
343,44
12537
583.13
319.60

Change

%

&L

Eareojs

iTridHf

(Mvl)

Gross

Dh.

(tfTa

39%)

9-23

13.45

15-65

7.28

1238

10.84

7.28

739

12.42

16.12

14.93

8.77

831

9.16

1139

1355

10.86

937

19.40

7.04

10.07

5.79

23.69

18J38

3037

iaa

15.19

1257

432

535

485

238

5.74
5-69
7.29

6.75
5J3
551
6.69
6.04
335
435
490
6.11
730
5.09
534
835
6.54
550
5.45
634
633
5.07

TI?

Est

P/E

Rada

m

Index I Index
No. | Na

3690^36956
323.86^32555
1 58616
L9W

509.60(51355
193.97 19505
166.41)16634
9825 98.78

400.07 40039
294.42 293^7
290.94 287.47
28239 28202
61251 61192

373.71 374.11
445.40 444 22
51030 51339
1483615015
264.99 26336

168.89 1».D0
31479 30908

272.90 27215
256-73 25717
34432 348.49
126.64 125.76

579.07 57538

317.71 31609

-3B3S1EC7?

305

13J24

ssse

22523

41506

tisrt

~sns

290.06
22806
25926
. 16520
43952
i 150.62
458-94
ISUl

227.77

415.00

SSSf

37004

327.79

588.44

1259.32)

51508

19634

17001

99.74

48135

29209

28501

28206

609.49

378.48
445.65
5O20Q
149.08

264.48
16920
304.42
27239

25801

35205

12161

57283

31632

Year

. *3°

(«nxj

Index

No.

15055

45732

W.74

msr

22625

41832

32320

1 36.99

16257

43831' 33605

15O20J 15026

457.78! 483.98

M 11608

22804(21502

41956! 45125

Highs and Lows index

1981/82

Since

Cmritutaa

High

306J9
27270
47L75
1MB05I12W05
41028
18023
14530
8901
30638
24627
26920
ZZL48

460.41

269.42
35127
44302
12305
25305
13307
22331
25324
21722
Z79.47
OOL71
564J2
26954
ZSIE

38129 (3/2/82)

34014 (3/2/82)

61027 (30/4/81)

(29/1/82)

523.05 (5/2182)
23026 (24/4/81)
182.98 (29/1/82)

112.76 (0/5/81)
41063 (5/2/82)
29728 (5/2/82)
32536 (16/6/81}
287.47 (27/1/82)
613.74 G9/2/82)
3963/ mm
476.41 (14/8/81)
52936 (19/2/821
16179 (1/5®)
29406 (30/4/81)
17204 I30/4/8U
314.79 (18/2/82)
31140 0/5/81)
26049 (5/2/82 )
35338 (11/2/82)
13108 (29/1/82)

644.76 (24/4®)
322.73 (8/2/82)

m/fl mm

HIT! tSJSO

Tsssnsms

S».4s hnm

29608 09/2/82)
31403(20 am
29044 anm.)

18809 0/9/81)
443.9101/9®)
17936 (2/7®)

517.77 (2/4®)

189-35 (11/2/82)

296-26 04/8/81)

48051(18/5®)!

(1776®)*

Low

HI*

2722805/1®)
23602030®)
40339 (80/81)
888.13050/81}
374«(wa®)
16247 050®)
12724 (14/i®)
82.77 16/11®)
277.55050/81)
2275004/1®)
244.42030®)
20427 040®)
440.89 GLU3/B11
24538040®)
32738060®}
414.73(3/9®)
10805040®)
ZLL94 (2600/81)
12237090®)
19357 090®)
22904(28/9®)
19309(28/9®)
23535 03/3®)
9279 (38/10183)
43070(28/9®)
240.93(28/9®)

27600(28/9/81)

223.02(28/9/81)

2200401/3®)

21175 (70/82)

222.74 (7/3®)

14206090®)

29401(20/1®)

12753(28/9®)

377.11(28/9®)

14506(28/9®)

257. fO (28/9®)

20076 (6/2®)

36905 (2OT®)

ttFmmr

38L29 (3/2/821

34014 mm

. 61027(30/4®)
[1290.05 (29/1/82)
52305 (5/2/82)
23026(24/4®)
19229 (4/5/79)
17059 050/69)
41003 (5/2/82)
29728 (5/2/82)
32576 06/6/81)
287.47 (27/1/82)
613.74 09/2/82)
39637 (3/2/82)
476.41 04/8®)
52936 (19/2/8Z)
16179 005®)
29406 (30/4®)
23572 (170/67)
339.16 (2/8/72)
31140 0/5®)
26049 (5/2/82)
35338 01/2/82)
24606 (1/9/72)

644.76 (24/4®)
32273 (8/2/82)

HKTrsffisr

txnrmw

msrarmf

iwd

29608 09/2/82)

31403 [20/3/B1)

298.44 0/9®)

18809 pjmj

443.91(11/9®)

27B57 0/5/72)

517.77 (2/4®)

30370 04502)

S2.M07W

29606 04/481)

48851 Q0/5®)

BESrOTBSH

50.7103/12/74)
4407 03/12/74)
7148 R/12/74)
84.71 (246/62)
6439 (2/1/75)

45.43 Un/75)
4905 (6/1/75)

, 19.91 m/75)
(27755 05/1/81)
61.41 03/12/74)
69.47 03/12/74)
5907 01/12/74)
5405 01/12/74)
|17538 (28/5/80)
5403 (9/1/75)
55.08 (60/75)
43.46 (6/1/75)
52.63 (6/1/75)
6266 01/12/74)
9434 03/6/62)

1229.84 (28/9®)

5803 (6/1/75)

-7120 0/12/74)

4534 (2/1/75)

9000 (29/6/62)

6039 (6/7/75)
9901 030204)

mrmmir

JSSTSSS/W

62.44 0202/74)

8140 (10/12/74)

44.88 (20/75)

43196 (1302/74)

6506 0602/74)

3121 (70/75)

5601 (20/4/65)

3529 0702/74)

mnmsTir

66.31 (30/9/74)
9737 (60/75)

wnsawr

FIXED INTEREST

AVERAGE GROSS
REOEHPnON YIELDS

GritU Gnamant
Low 5 jean

Medium

Coupons

High

InedeenaMc.

15 yen....
25 ytw....

5 pm

15 years— ..
2 jeon—
5 ye?n....
15 yws.._
25 yearly..

Beta A In 5 yen.....
15 sears-

25 yean^w

Preluuec.

Fri

Feb

19

1334

1208

1406

1405

1401

14.91

1400

14.44

1207

1600

15.90

1504

1504

Thur

Feb

IS

1256

13.42

13.07

14.99

1406

M28

35.06

1501

34.68

1205

16.02

159B

1507

15.73

Yew

, aw

(approx)

1156

3229

12.47

1325

13.91

1307

1324

14.12

1309

1103

1426

U49

14.49

14,41

198UB2

Hlflta

m

1407 (2(00®)
1449 (2600®)
1403 (2603®)
1600 (2600®)
16.45 (2608/81)
is.* miwm
1642 (26/18®)
U59 (2608®)
1601 (28/9®)
1422 (200®)

H.13 (2700®)

1721 (28/9®)

1721 (28/9®)

BUB (29/10/9)

1128 (20/3/81)
1106 (20/3®)
u-tt mm
12.91 (mm )
1332 (20/3®)

1303 (20/3®)

1293 (20/3®)
1354 (20/3®)
1115 (20/3®)

1135 (20/3®)

1300 (12/MU

1426 (2R3®)

1427 (23/3/73)

M28 (24/3®)

Equity section or group

Other industrial Materials.^..

Other Consumer

HeaHh/HousehoW Prods —

Other Groups

Overseas Traders —

Engineering Co nt ractors —

Mechanical Engineering. —

Office Equipment...,. —

Industrial Group —

t Flat yield. A list of ihe consatuents k autiUUe from the Publishers, The Financial Times, Bracken House, Cannon Street, London, ECO, -price 15ft by post 2Bp,
NAME CHANGE: Esperana has changed its name to Esperanza International Services (Overseas Traders)

, Owing to teehmoai prabtaos, the change cabana in todays dngbjr s based an Wednesday's chne wstead of Thundayt

Base rim*

Ban vaHw

Fourty section or group

Saw date

Boe value

31/12/80

287.41

Other Financial — —

31A2M)

228.06

31/12/80

238-14

FoodManriacturing

29/12/67

114.13

30/12/77

261.77

Food Retailing

29/12/67

114.13

33/12/74

63.75

Insurance Brokers —

29/12/67

96.67

31/12/74

100.00

Mining FmfflTce — -

29/12/67

10000

31/12/71

153.84

All Other

10/4/62

1C0.0Q

31/12/71

15304

British Government ...... —

31/12/75

100.00

160/70

mao

Debs.ftUans

31/12/77

moo

31/12/70

126-20

Preference — —

. 31/12/77

76.72

LEADERS AND LAGGARDS

Percentage changes since December 31, 1981, based on
Thursday, February 18, 1982.

Tobaccos

Cham I cats — ..

Packaging and Pa par ............

Shipping and Transport —

Food UetaUIng —

Other Groups ...

S torus

Othar Consumer ....

Contracting, Constraction

Consumer Group

Investment Trusts —

Health and freehold Product*

Textiles

Bunding Matartata

Food Manufacturing

InduanrieJ Group

Othar Industrial Materials ._

B iaw ara and D total eta

No ws p apars. Publishing

Leisure ...:

+20.63
+13.88
+17.77.
+11.42
+11.11
+10.47
+10.27
+10.10
+ 8.64
+ 80S
+ 902
+ 8.02
+ 7M
+ 7 JSt
+ 7.10
+ tag
+ 602
'+ 640
+ 607
+ 508

Insurance (Composite)' + S.80

Insurance Brokers + 5.18

OtKca Equipment + 5.17

Motors + 4.53

500-Shsnr liida* + 4.06

Engineering Co n trac t ors ......... + 302

All-Share index + 302

Capital Goods ..... — + 2.85

Overseas Traders + 200

Insurance (Lite) + 2w42

Rnanoiat Group — — + 206

Property + 106

Banks ... — l_ ' + 0.77

Bactricais + O.SZ

Mechanical Engineering + 003

Mtosla and Metal Foroiirg — 008

Merchant Banka .... — 308

Mining Finance ...... — 4.62

Discount Houses — 704

Oita “ 908

Gold Mines index —1403

RECENT ISSUES

EQUITIE5

ea— aw

m—li

$80

100

*100

t

80

- F.P.I

|FJ»^13/8
if.p.; -
F.P.IlBS
F.P.; —
F.pj —
F.PJ15/1

150

900-

ii n

I!

116

K II

O. P4 Afl

P. P4 5|3
If.p.

|f.p.|

IF.P.;

F.p.i —

188)1

46 ,F.P.[I9f8

30

8

OS

39

1347

84

10

165

90

63

13%

132

16

S

56

89 ifilAsscts Special 1
2
85
35
1313
81
7

155
89

."tel

Do. Warrants lOp 5
Balllle GiffordJ'n Tstl 95
Do. Warrants...! 38
«Qdrldga Popa£l..l347

IfiEquipu. lOp.. 1 83

FAC Enter. Warrants] 7

+Hayter* £1 (160

Grimm. BUS. BS)s.lOp; 90
48 fr Malaysian Tin 5p 48

41*Pe«te Hldgs-.. 13ia

117 ]SpayhawK.10p._ ,132

is rr&wsp 15

5ia|Vlnera Ip 4

47 [■£ York Mount J 56

—

—

~

_T“

+*

9.5

b<35.1

20

3.1

30

50

—

*—

100

«

901

—

—

TT

—

+ I r

bd7.0

F0.6

20

76

5.7

+2~*

64.51

30

11.5

,10,7

19,6

9.1

80

2.4

FIXED INTEREST STOCKS

Issue

price

£

*100 l£06
«! [f>.

• n

u

71Bl«U;iO

*100

*100

FJ>.

F.P.

F.P,

FJ».

F.P.

F.P.

1

1981/2

01 I High! Low

253,

200
— J2LH 210
12/3 97 88

26)2U18 102

18/3 13 12

- 100 S* 89U

- 100V100

- >122 105

Stock

Bare lays 16£ Ln. Stlu

Gtiuretibury Ests. 6A% Cnv. Uni 088 —
Do. 8pc Cnv. Ln. 1907

Habitat St% Cony. Una. Ln. '98-8Qni„^.
Hsslomerc Eat SpcXon v U ns Ln . 290 .< ; -

Mid-Kent Water 9*3 Red. Prf. 1987 J

Naf wide Bd*LSocietyl6i42 (17)1/83)J

Do. 165a3 CltZ/BS)

Vinera 10% Cnv. Loan 1928 ...

^ to-

on.

no hi.

iooa«j

ioa v

,122

"RIGHTS” OFFERS

issue

pride

P

2.5A6
140
40
56
180
2 20
188
25
45

I!

*j»J

FJ»3

Nil

FJ>.

FJ*i

Nil ,

F^J

HB

Nil

Rami no.
data

1081/2

High I Low

244

19/3 lfi/8i 164
lta

12/8

|29rt

126/2

ii/a

aeia

5/8

86/2

26/3

26/3

ISIS

an
260
61

16pm

5pm

1M

166

iSl

218

21!
10pm 1
lpm

Stock

(CSRA.81
Davy Corp, .

|Gta» Wover„

Kwlk-3ave 10p^«
Lovell OM J ,
MEPC.

Smith SL Aubyn.

Staaua RomanatBriD^..

|I a

O a

H-or

200

156

iirl

268

Sr

14pm

1pm

P

1-1

Rarmncfftlofl date usuaRy last day for daanng tree of stamp duty, b O ga ms
based or proapoctua asdnats. dDfvfdand ran paid or payable M pert -of
cental: cover baatd ton dMdand na fun capital, g A ssumed dnttand and tUd.
u FcuaCMt dividend: cover based oc previous year's aanringa. P OMdand and
yMd based on p r oa pa c tas or othar effletei astknataa for 1882. ' Q Gross.
T Fygnm assumed. • Hguma « report awstad. 4 Cover aMavre far eoovamloa
of shires not now ran Hag for dMdand o* raohtag only for reatricod dhridsmte.
§ Flaring pries, p Pence oaiaw etbaiwiaa fodtoatad. 1 loaned by ranter.
1 Offend to luldeia d onOnuy ahaiaa it t" rights.** *• Issued by my of
aphaUsstfoo. 3§ RsbnteducadL. 91 Isstred In connection wftb laoigaBtaadOB,
meigar or take-over. |1 Imrodvction. D laauad to fomor pnfaianca boMwa.
■ Allotment lattats (or ftdiy-poJd). 9 Provisional or partly-paid allotment letters
* With warrants, tt Daeltage tmdar apoofai Rule. 4>tMfand Sacurittes
Market, tt Loodoa Ustfag. • f EMha issue pree sfnc serin, 1 B or m ad y
dealt lo under Rote 163(2} (a)*

FINANCIAL TIMES STOCK INDICES

OavernmonfiPeoaMwl
Flxadffntsroate. —
industrial Ord^.
Gold Minot
Ord. Div. Yield —

Earnings, vw.Slfuinj

p/E Ratio (neOl*). I

. Total bWB*lns-„ —
Equity turnover Cm,
Equ tty&argeins —

Fab.

19

66.19

65JSS

662.5

261J

(k45

9.66

1504

16,991

Fob.

18

66.66

88-SS

6620

262.8

6.46

S.66

1504

Fete Fete
17 IC

64.i-S{
66.10 64.96!
666.® 6570)
869.6) 274.fi

9.65) Mffl
15.68] MAX
17^86,’ 18,153] 18,648
156.47] 109.411,120^4]
13JK8* 14.158! 16,58o!

Fete

zs

64.79; 66.04] 69.17
6408) 66.43] 7007
664.1 670.8) 488.4
274.51 284,1) 536.9
5.42 [ - 6,39] 7.36

9.65] 9.5® 1606

15.68] 1S.68 7.4G

19.79l! 19,021(24,017

106.77] 16502] 17604

Indostrisf Onf. 1/7/3S.

Basis 109 Govt. Sacs. 13/10/28. Hxed lot. 1828.

Gold Mines 17/9/56. SE Acdwtty 2974.

TO am 550.2. TI ore 690. Noon' SB). 1. 1 pin 5610,
3 put 681.9. S pm 5510.

Latest IndsK 01-815 8028.

fW-12JQ6.

HIGHS AND LOWS

S.E. ACTIVITY

198112

wmmm

High

Low

High

Low

Govt. Becs_

Fixed Int...

ind.Ord

Gold Mines.

70.61

GtOMT)

7301

ffiftSffiT)

5970

mmi)

4390

cu/9/en

60.17

[28^0/aiJ

61/51

[26/ wan

446.0

(M/i/an

3610

iwaiM

137.4

(ftl/BG)

160/4
(2$/ 11/47)

597.3

(30/4/81)

508.9

(22/8/80)

49.18
(3/I/7B)
00.53
(ft 1/76)
49.4
(86/6/49)

43/5

(26/M/7T)

91.7

22U

1060

276.7

NEW HIGHS AND LOWS FOR 19S1/2

The foUowlJta q u et s t k w In the- Sham
Information Service Yesterday ^taJned new
Highs awl law tar 193143.

NEW HIGHS (42)

BRITISH FUND® 00

Tree. *Ut* txeb. Uiwi ttR

Dtch. 9 Use 1902 A «E20 PA>

Each. 84ipc t«U TfSASocISW

Trea. 9!aOC 1993 Trm. 1»c TWIT

Baa*, 14pc 1935 Exch. 15pc tMT

COMMONWEALTH AND
AFRICAN LOANS CO
Amt. StaPC 1931-82 Do- Me 1981-83
BANKS CD

Barclays ' NatWest

Uovds

BUILDINGS W

Aberdeen Gena Laura Uonm

H.A.T. Group Mowlam IU

STORKS Cl)

Burton

tartan

CD

MwtOTCnl,
Shaw A Marvin

rCUi

n>

TBxnus o»

trust® on

3MR FWWi.

NEW LOWS (26)

AMERICANS CO

DomonOU

Sound i - —
Security Centres

Air Can
ESI London

Redurmion eWB|MMR1NC gp

Abwaod Ducamaatai

HOTCU (1)

K ^ yare jttS‘ l iST«tAis ere
gjrtNRhoHon SI US* 3

HansowTst SUpcCr. WteNrcMa
Do.SU PC Cv. WWbam'a

Wmslo Int-

Amax
Amu
Utah late.
ftemoMMtta

n, r lri,lJI rmawtriae
rVTKIfOfO nwiHN fVa

Home Ran
KMen-X-X*

Dpatr
Jama

m

CHEMICALS (1)

<39

PerUflhChaer 4m

a>

INDUSTRIALS CIA
MOTORS <1>

Genoa CM
LASMO
Ma gnet fi Wteta

TRUSTS (X)

Nw Am. her.

Ocptov^atk.

STS.

Watoern Deep

Wcfkotn

Wexcoaet

WNB CD

MMCM _ •
oreenbwtmrThi
p a nc o i m nentol

rises and falls

Yesterday

Rises Falls Same

British Funds — -

Corpns- Don*., ft Foreign Bond* _

Industrials

FbianeiiJ ft Props.

Oils —

plantations -

Mmos —

Others

Totals

30

' _

12

238

12

2

- a

58

225

208

824

1098

47

150

319

343

16

38

58

86

4

1

"18

13

34

53

79

113

40

S3

40

185

458

613 1011

2071

On die week

Rlam Fan* Sana
76 148

22 292

183 221

24 tt

OPTIONS

nroe Last Last For

Deal- Deal- Declare Settle-

ings tags ■' tioa went

Feb 22 Mar 5 June 3 June 14
War 8 Marlfl June 17 June 38
Mar 22 April 2 July 1 July 12
For rate indications see end of
Share Information Service
Stocks to attract money for
the call included British Petro-

leum, Ntnwlo, Eagle Star,
Bo water. Intercity, Pennine
Commercial, Chloride* York-
shire Chemical, Swire Proper-
ties. First National Finance,
ICL, Re© Stains and Premier
Consolidated. Gill and Duffus
and NatWest were dealt in for
the put. while a double option
was arranged in Nimslo.

ACTIVE STOCKS

Abo vs nvorega activity wu noted In th* following stocks yssttfday

Closing
prico Day's
Stock' panes change

Blue Cl rota . 496 — . 2

CBA 158 +3

Comet Radio 107 — 5

Eagle Star 378 - 2

Goodman Bros 19 +1

Granada A — 242 + 5

dosing
price Day’s
Stock pence change

Grand Metropolitan ... 197 +3

Henlys — 119 + 5

Lax Service W4 +6

Lloyds Bank — 468 +16

Nimslo ... 222 '+0

Sun Alliance ..... 900 —10

THURSDAY’S ACTIVE STOCKS

Based on bargains recorded in SE Official Uet

Stock

Thursday’s
No. of -closing
once price Day's
chan goo pence change

Stock

Thursday’s
No. Of closing-
price price Day’s
changes panes change

Eagle Star

19

378

- 6

Goodman Bros

-14

18

- 5

Blue Circle ...

17

498

-IB

Grand Mot ...

14

194

’+ 7

Int City Inv...

17

50

- 2

ICI

1*

338

- 6

RTZ

IB

440

- 8

BP

13.

290

Imp Group ...

15

84

+ 3 1 *

GEC

13

833

’+ 3

Tumor ft New!

16

■ S3

- - 7

Bumah Oil

12

113

*+ .5

BH Props

14

510

;+io

Lonriio

12

78

i- 1

5-DAY ACTIVE STOCKS

Baaed on baigame .over tee flve-day period ending Thursday

Thurs.

- No. of closing Change!

Thuro.

No. ot c teeing Change

price

price

on

price

price

on'

Stock

changes

pence

weak

Stock chances

lnt- City

Inv ... 153

50'

+304

Eagle Star ...

84

378

+28

Imperial

Grp 120

84xd

+ 4

Bowerar

79

256

+ 13

ICI

104

338

- 8 .

Bescham .^....

75

231

-12-

GEC ..

833

+‘3

BP

75

- 6

SM)1 TranS ... 87

3S2

- 8

Dowry

72

TJ7

’+ r

Lonrho

88

78xd

4 '

- Trident TV A

71

Sftcd

’+ «

RTZ -

88

440

- 4

Turner ft New!

TO

99

Wednesday

Fete 17 19B8

tnoree** (+) or
' Deereftee (— )
for weoK

BANKING

1

8

Liabilities

Capital.

Public Deposits.

Bankers Deposit*-

Reserve ft other Accounts.

Ateffita
Government Seen rf tie

Advances ft other Accounts _
Premises Equipment ft other j
Nat— ,

Bnln — ...

£

14,533,000

39.335,070

517.690006

1,654058,087

2,126014,483

464,570.08a

,079063265

676,113,757

4064.500

203,073

8,126,814,463

- 9016,916

- 79056,060

- 12,476054

- 83026000

- 180.798000

+• 35034,177

* 73034,889

- 11097*^3

- 4085

- 99028,200

ISSUE DEPARTMENT

Uabffitie*
Notes issued.

In Clraitetto w.. _ .

in Banking Department.
Assets

Government Debt.

0

10,675,000,000

10,670,155,600

4064000

11016,100

4,301,441,692

6068,543,378

10,678000000

85,000000

13,508,847

11,397053

49061.601

74.661.601

— 85000000

FT SHAKE INFORMATION * SERVICE

Financial Times Saturday February 20 1982

FOOD, GROCERIES— Cont

Jt I LMBWW*1

BANKS AND HIRE PURCHASE! CHEMICALS, PLASTICS— Cont.

BRITISH

FUNDS

198MB I

| to Itrf YM

H# to j tec*

I £ 1 - 1 tot j Id.

“Shorts” {Lives up to Five Years)

99*1984 (Tins. Variable VU..

I 99% | 114311 1424 1

W iHl SW I * I —

Public Board and Ind

W 57V tafc.Mt5ps'5W» B

2^j 23V Stt.Wr.3ptV™..

14 97 U.S-M.C.9pc 1982™ 108

Wa 91 Do. without Wants. 98J 2

Financial

+v.

i

tx-

m

fT"

an mi
ms ms
aso -
9J3 -

1 1U1| U.92

m

¥

nr

I

£

20 |Da. A(£20pd)e 1 2DVI+V |M45| 15J2

Five to Fifteen Years

+% | 834 | 12.96

iK

&

m

tt,

s?

nr

tr

tr

VST

tr

F

6VI H60

AMERICANS

ENGINEERING
MACHINE TOOLS

t|

r>

a

. »vi+iim5|i«9 ?
Over Fifteen Years S’

BHIH MttJHIH 1

m

m

Years • ff
+i I uni nr# I

20V

9

- I

1429

1459 2D
1475

14.44 gj

12*j

2ZV
34V
18V

*■1

?

St

3

IB
23

£

rrt

Base

m

Si

+V SL56
-V SL60
-V 52.00
-28 SL20

IT

25

ft*:

n

Zfi 2

3

22L 14 v

V*

25V 16
33V 25V
24 15V
99
726*

15V

uv

T£2p
20V

S

UT.

IT.

W.

£

£

22
83
93
73
61
43
73
29

19 1 168
ll\ 032
53 166
53
5.7
49

63
63

53] 2 35
Ml 44
164
298
83
103
200
H
485
79
213
58>,
114
183
73 128
S3 X2
6-4 269
93 212

ff

i

f

Eaiow<H.P.)_

Ekrtorarood

Clark (Mttlhewl .1 364

■ 170

ki

i

214
375
35 117a

s a

^ %

23 14

fl

us *

§§ 15

*4> ff
g a

2Z5

48 31

83 31

79 47

43 22

85 60

61
133

ton- [365

Kfclf

fl?

rr.

N M Rothschild & Sous Limited

OLD COURT INTERNATIONAL
RESERVES LIMITED

This company was formed to enable investors to obtain a managed
deposit service in the currency of their choice and to provide a high rate
of return in the currency chosen compared with a conventional bank
deposit. The company also enables investors to switch quickly from one
currency to another. Assets bf the company now total US$235 million.
Hie price of each of the ten separate currency funds comprising Old
Court Intemahonal.Reserves Limited at the close of business on 17th
February, 1982 is set out below. Also shown is the current rate of return
in each currency and the % change (in sterling terms, reflecting both the
increase in share p»ce and currency fluctuations) over the past year: —

Price Current nel rate of Change

17.S.32 return per annum over pest year

i Canadian dollar C$31,235 13.01% +44 7%

US dollar US$25,020 14.60% +44.7%

Swiss franc SFr43.790 5.31% +40.5%

Singapore dollar SS57.745 8.95% +33 7%

Italian lira Lit27,778 18.85% +183.1%

Deutschemark DM46.295 9.01% ■ +28.0%

Dutch guilder DEL 46.270 9.01% +26.0%

French franc FF124.465 13.37% +23.9%

Pound Sterling £12.265 13.59% +13.4%

Belgian franc BFi73G.210 12.57% +12 6%

JJ iS

oi «g

63 1

13 ”

in ®

7 * 48

41
148
32
104
86
101
295

*

*29

Mott. Bride 50p
Phoenix Timber
Podite

ISA 2 «

_ 38 19V

15 34 U

" 41 24

37 20

M 02 V775

16 179 49

44 77 45

178 114
1 49 27

, n 6

26 11
. 59 38

I 184 108

102 42

162 90

56 29

34 23

187 151
49 28

164 98

18S S3
91 56

230 138

109 66

91 37

187 115
29 14

146 60

36 12

*71V 43
28 18
126 107

110 45

142 86

63 44

80 44

24V 8

106 54

512 367
510 355
«9 19

145 105

175 98

117 86

24 17

25 16

122 84

161 64

104 69

146 91
183 117

103 62

114 76

54 24

59 42
210 107
144 126

82 70

36 17

29 14

70 46

146 107
325 1761
249 140
172 82

190 135
82 47

128 76

268 106
*62 27

138 70

385 132
77 53

Hv a

60 39

75 36

23 13

94 48

15la 10

It 22 15

L0 Mf m

J 186 133

110 78

80 45

54- 40

30 12V

65 21

70 46

67 34

109 61

43 61

42 26

_ 1 141 80

£5 90 56

42 80 55

a 9

84 47

70 43

*****

I

£

**> to

H 9

50 25
199 120

70 36

101 67

298 185
33V 201
63 48

*17 9

35 13

72 44

147 78

7b 5V
1M 62
72 50

35 22

28 20
17 ID

32 181*
233 167

68 2S
£10 i 725
47 17

11 7

33 12
IS 90

Xe8 3&
20 10
128 81

42 22V

51 40

17 12

55 23

166 133
156 92

*101 52
184-130

52 33

32 17

30V 12
77 51

72 40

54 38

37 26

66 38

306 180

34 22

100 42

355 212

46 25

18 10

25 16

% %

76 53

£125 £57^2

43 16

53 13
196 133

7.

9

9

Orta

new

51

99

70

Bert

na

130

83

tea

I'

52V 29
115 42

96 35

215 90

47 26

28 16
75 44

183 122
102 40

227 32

47 22

117 70

284 WV
150 84

240 78V

215 133
221 152
217 107
IDs 7

9 1

63 ttopWnsons 50p
13 HowatilRtadqr.

In

I

S 1 ?
ff 8

57 43

§ 2

&S

17 ff
34 17

- 3*&

4.4 35 9

“Ji 9

153 127 »

(93 15 9

(HZ 53 37

fiW V »

- 180 90

61 48 21

- 178 102

am *u6 67
15 19V U
0U} 44 24

_ 66 44

mu 9iv 62

m

96
176
74

m

i»

- 152

65 14

U1 83

- 54

5.6]lll 190

U-

80 1 55 ILohU IGJ)
200

266
73 dL5

185 t9.5

164 — 54
Ml — t622S

8
54
67
116
05
570

S‘

A

2*

54
HU

HOTELS AND CATERERS

80 ] 46 fenfft Water 5eJ 7* 1 >175 |

IITI7

25 14

49 Z1

45 24

85 40

37b 25
a45 £11

245 115 IRawtan Hocrte..
15 7 Ry»i HoMs5p

208 116

« 45

-

a a 1

S3 66 I 32
J U 43 31

66 41

430
24
85

*8

185

50

Til

7TT

I

52 118

jli

*327
87 27

78 U

a lso

24S
113
250

•41 17

58 15

118 68
*94 59

§ 1
U 8
32 22

26 15

70 39

143 80

10

107

H 25

129 65

139 46

175
857
S3 95
48 6

41 19

19 14

53

N M Rothschild & Sons Ltd Old Court International Reserves Ltd
New Court St Julian' s Court

St S within' s Lane St Peter Port

London EC4P 4DU Guernsey Cl

01 628 4356 0481 26741

This advertisement does not represent on invitation to subscribe tor or
purchase shares of Old Court International Reserves Limited. Shares may
only he acquired on the basis of a current prospectus and application fomv
which are available from either the Company or N W Rothschild & So ns
Limited.

iui3

'SSiSdl

31

. 21
63 39

33 I 18
440
604
347
191
570

79 147 ]U8M Groups.

93 | 42
37 I 24

255

69 I 34
50 25

94 59
207

182
97 136
208 58

129 78

m

■?

u

275
M
80

£19>r
193
233
22
27

77.

Tte». 39

I 353

J50p“ 3M

Ff

I

is

a'-j:

IT

if

Ti

11

w

i

rrf* \

hS

122 44 24

210
130
280
232

106 90

32 17

80 55

16 lBfc
86 57

113 34

235 90

162 92

300 75

-86 GO

114 46

*256 156
•57 37

123 |Ui*x»d HW8S-.

IS

©

Wll

V5 Financial Times Saturday February 20 1962
* ! NDUSTRI ALS^-Gentinued :

Jtl Shi I MN M. M IcwlfiSlw

78
15

26" Z1
IB ID
29 22

061 014
*146 92
55 15

58 30

T
*■ »
m

50
77
ms
,59' 30
102ia 100
102 82
102 52

130 27

90 35

230 175
222
60 30

,35 29

133 72

110 82
110 81
53 36

§a£ 90
197 WO

v&3 S
10 6
40 33

92

72 26

,69 36

31B 75

85 60

108 92

,72 51

116 70

,75 29

655 or
£20 £14»*
JBO 45
2242

175

24
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26

Talk Property
Development to the
people who know.

Telephone: 0832 845671

FINANCIAL TIMES

BaHbur Beatty
Builds Better

T&BiP “

North British Properties Ltd. ,

Saturday February 20 1982

EB 01-686 8700

MAN IN THE NEWS

Tackling

Ulster’s

problem

BY MALCOLM RUTHERFORD

IT IS A LONG TIME since a
Ministerial statement has com-
manded such respect from all
sides of the House of Commons
as that made by Mr James
Prior, the Secretary of State for
Northern Ireland, on the future
of De Lore an Motor Cars
yesterday morning.

Mr Prior had been prepared
for flak from his own benches
for the amount of public money
that has been put into De
Lore an in the past and flak
from the Labour Party for
hacking out now. In the event
he got it absolutely right: It
was- agreed that receivership
was the only possible course.
Even the Rev. Ian Paisley was
subdued.

It was striking that Mrs
Thatcher was not at Ms side,
as she is so often when her
more preferred colleagues are
at the despatch bos. But
perhaps Mr Prior liked it that
way.

The story of his relations with
the Prime Minister is one of
utter personal incompatibility.

James Prior
Not eye to eye witii Mrs Thatcher

It is not that they differ all
that much In their political
views: it is simply that they do
not get on. They almost bait
each other into tempers. Mr
Prior did not get on terribly
well with John De Lorean
either, though that may be less
surprising.

The Secretary of State is in
no doubt that he is in Northern
Ireland now because Mrs
Thatcher wanted to get him out
of the way. After a summer
of rumours about where he was
going last year, he almost
turned down the job at the last
minute.

Lord Soames, who was sacked
from the Cabinet at the lime Mr
Prior was switched, advised
him that it was his duty to
take up the leadership of the
Tory “ wets." But Mr Prior is
not a natural dissident leader
and the family advice was
different: it was that if you are
offered Northern Ireland, you
must take it.

Mr Prior has taken it in a big
way. He also has one of the
strongest Ministerial teams in
the history of the Province, in-
cluding the Earl of Gowrie. once
described by Mr Denis Healey as
the best Minister in -the Tory
Government.

The Secretary of State admits
that it may turn out that no
political initiative is possible,
but it does not look like that at
the moment. The three insepar-
able elements of the Northern
Ireland problem — security,
the economy and political deve-
lopment— could just be working
together to make it time for a
breakthrough.

Mr Prior says that there has
been significant, though unpubli-
cised progress on the security
front in the last few weeks,
largely because of infighting
within the extremist republican
groups. Here he sounds like
previous Secretaries of State
who have lived to regret such
words, but lie may be right.

The economic calamity— not
■just De Lorean. but further lay-
offs at Harland and Wolff and
unemployment of around 20 per
cent— could finally concentrate
the mind on the need for
political movement. Even some
of the Unionist politicians have
gone relatively quiet as a result
of the scandal over the Kincora
boys’ home.

Mr Prior hopes to have his
plan for “rolling devolution"
ready towards the end of next
month. To my mind, there is no
doubt whatsoever that he will
resign if the Cabinet does not
back him. He outlined some of
bis political thinking on Ulster
in a speech to the Bow Group
this week and was slightly
shocked to find what a right
wing body it had become: which
Is much what he thinks of Mrs
Thatcher’s Toryism. Oddly
enough , he still believes the
Party will win the election—
^though God Snows why!"

World insights of straight Haig

BEHIND THE oaths which

have become hallmarks of U.S.
politicians taHdng in private to
their advisers, leaked trans-
scripts of more dun 20 top
State Department meetings pub-
lished is the Washington Post
yesterday reveal Mr Alexander
Hai g as a pragmatic and
cautious foreign policy strate-
gist, aware of the difficulty of
reconciling international reali-
ties with the ideological rhetoric
of President Ronald Reagan's
more conservative supporters.

The transcripts also reveal a
hot-blooded side to Mr Haig’s
temperament. The notes of has
private discussions taken by
“ one of the people present at ”
ait regular State Department
staff meetings quote Mr Haig
calling Lord Carrington “ a
duplicitous bastard ” describing
U.5. polio yes “kicking Israel
an the ass" and referring to
President Jimmy Carter’s atti-
tude to the CIA as “castration
of America's eyes and ears
around the world.’’

Leaked transcripts reveal the secret thoughts of U.S.
State Secretary, Anatole Kalet&ky reports from
Washington.

But the two main themes run-
ning through his substantive
statements on diplomatic issues
are anxiety about the future
of the Middle East after the
completion of the handover of
Sinai by Israel to Egypt and
fear that foreign policy achieve-
ments may be “ torpedoed at
eveiy turn by the ideologues'*
close to Mr Reagan.

At meetings last month on the
Middle East, Mr Haig allegedly
said: “The only thing keeping
Egypt from going back to the
pre-peace treaty stance is the
Sinai territory . return. The
whole atmosphere (In Cairo) is
180 degrees different from last
May." (Before the assassination
of President Anwar Sadat.)

“ Egypt will go back into the
Arab world with the U.S.
isolated as Israel’s sole de-
fender," he said at another

meeting on January 18.

On the EEC imitative for a
Sinai peace-keeping force in
October, ■ Mr Haig allegedly
declared; “ Carrington is a
duplicitous bastard . . .our
European friends— just plain
cowardly. The British are
lying through their teeth "
(regarding Britain’s eiaim that
its peacekeeping force proposal
was made in response to pres-
sure from Saudi Arabia).

On Poland, Mr Haig has been
urging greater caution than
some of President Reagan’s
other advisers. He opposed the
idea of making Poland default
on its debts, saying that this
could mean ‘The collapse of the
West German economy" and
would have “very far reaching
and unpredictable" effect in-
cluding thp “ruin of East-West
trade."

Two days after the declara-

tion of martial law in Poland
he told his staff. “AH Europe is
concerned. The French are
toughest on Poland, Germany,
schizophrenic, the British are
vary British."

Whether the leaked tran-
scripts will explain Mr Haig
better to the U.S. people is
questionable. They are already
being described as another
major embarrassment for this
accident-prone politician. The

State Department has not com-
mented on their veracity, but
the Washington Post claims to
have had their content sup-
ported by other officials who
were present at the meetings in
question.

Our Foreign Staff adds: la
London, the Foreign. Office
declined any comment on Mr
Haig’s reported remarks about
Lord Carrington beyond insist-
ing that “Britain's relations
with the U.S. are excellent
(and) relations between Mr'
Haig and Lord Carrington re-
flect the excellent relations
between the U.S. and Britain."

LAST-DITCH ATTEMPT TO AGREE ON REDUNDANCIES

Times print leaders may
see Murdoch tomorrow

BY JOHN LLOYD, LABOUR EDITOR.

PRINT UNION leaders expect
a call to a meeting tomorrow
with Mr Rupert Murdoch, owner
of Times Newspapers, in a last-
ditch attempt to get agreement
on the 600 redundancies he has
demanded on. The Times and
the Sunday Times.

Mr BiH Keys, general secre-
tary of the largest print union,
the Society of Graphical and
Allied Trades, said yesterday
that it was a “racing certainty"
that print union general secre-
taries would meet Mr Murdoch
at The Times offices. Mr
Murdoch returns to the UK from
New York this weekend.

Mr Keys said he believed Mr
Murdoch was “utterly serious"
in his intention to close the
newspapers if agreement on
cuts cannot be .readied — a view
shared by other print union
leaders.

The future of the newspapers
will be decided at a meeting of
the Times Newspapers (TNL)
board on Monday. Directors of
News • International, TNL’s
parent company, will be stand-
ing by.

The TNL board meeting will
follow a meeting of the five
independent directors of the
newspapers. They will be faced
with a request from Mr
Murdoch to consent to the trans-
fer of the titles from TNL to
News International.

On Thursday, Mr John Biffen,
the Trade Secretary, told the
House of Commons that Mr
Murdoch's earlier transfer had
been reversed as its validity
“may well be open to some
doubt”

Mr Ken Ashton, the general
secretary of the National Union
of Journalists, yesterday

delivered a letter to the inde-
pendent directors asking them
to oppose the transfer “ in order
to preserve the status and in-
tegrity of Times Newspapers.”

News International said last
night that the “ situation on
redundancy negotiations can be
described only as extremely
grave.”

It said talks on manning cuts
would continue over the week-
end if necessary, but that some
groups “appear intractable in
their unwillingness to negotiate
with a view to achieving a
viable future for the company.

“ These groups are frustrating
the attempts to bring about the
total agreement which we have
stated from the outset to be an
essential condition for Che
continued publication of the
Cities.”

Italian state energy chairman
may defy demand for resignation

BY JAMES BUXTON IN ROME

THE management of ENL the
Italian state energy company,
has been thrown into disarray
following a government request
yesterday for the resignation of
Sig Alberto Grand!, the chair-
man, and the other four mem-
bers of the supervisory board.
First indications were that Sig
Grandi. whose term of office
has more Chan a year to run,
has no intention of complying.

Sig Gianni de Miehelis.
Minister for State Sharehold-
ings demanded the resignations
on the authority of Sig Giovanni
SpadoKm, the Prime Minister
after the action was approved
by the cabinet on Thursday.
Sig Grandi was told that the
Government wanted to appoint
new men to run the three state
holding companies when a new
system of control comes into
force this year.

The real reason for the gov-
ernment move, however, is that
the Socialist Party, which is
part of the ruling five-party

coalition, wants the chairman-
ship of. ENI to revert to a
socialist Sig Grandi is affiliated
to the Christian Democrat Party.

The change of leadership
would come at a delicate time.
ENI is negotiating with Algeria
on the price of gas supplies, and
with the Soviet Union on the
unresolved issue of Italy’s tak-
ing gas from (he Siberian pipe-
line. It is also in the process
of rebuilding its relations with
Saudi Arabia.

Sig Grandi, a technocrat,
became chairman of ENI in
May 1980 for a three-year term
after the company bad been
convulsed by a scandal aver
alleged bribery in connection
with an oil deal between it and
the Saudi state concern,
Petromin. Giorgio Mazeantfl, a
Socialist, resigned as chairman
as a result

Chairmanships of the other
two state holding companies,
the industrial concerns IRI and
EFIM, come up for renewal this

year. Their chairmen are res-
pectively a Christian Democrat
and a Social Democrat. The
Socialist Party wants an even
balance between the three
parties. Because of the import-
ance of the Socialists to the
survival of the G overrun era, the
other parties appear to' agree.

Before being officially asked
for his resignation, Sig Grand!
said be had no intention of
resigning. He said the three-
year term was too short anyway
for the effective running of
ENL whose turnover was
L28,000bn (£12bu) in 1980.

The Socialist Party ‘is under-
stood to want to nominate Sig
Leonardo di Donna, Socialist
deputy chairman of ENL to
succeed Sig Grandi. However
tins is uncertain because his
name was found in the list of
members of the P2 masonic
lodge, the scandal which
brought down the government
last year.

Threat to Northern Press,
Page 3 .

Continued from Page 1

De Lorean attempt

its revenue from selling cars
to the parent U.S. sales com-
pany.

In announcing the Receiver-
ship, Mr Prior said it did not
guarantee “a way ahead” for
the Belfast company.

“It is clearly a matter of
concern to the Government that
this position should have been
reached."

There was no question of the
Government providing further
financial help no matter what
restructuring was ate mp ted.
The Government “would have
no credibility left ” if it did so.

Mr Prior declared that “very
considerable management and
marketing mistakes” had been
made by De Lorean’s executives.
They had predicted sales of
20,000 cars a year but the maxi-
mum feasible was 8,000-9,000.
The company could not survive
selling fewer than 7,000 cars
a year.

It would be wrong to be. too.
optimistic abdiit the company's
survival now, but “there is
more goodwill to try to reach
some successful position than
one might have thought pos-
sible over the past few weeks.”

Mr John De Lorean, before
flying baric to the U.S. said he
was “delighted” at the out-
come and stressed that the
Receivership had been volun-
tary, rather .than enforced by
creditors,- But he expressed

fears that the U.S. public could
still be deterred from, purchas-
ing the $25,000 (£13,480) stain-
less steel sports cars, which the
remaining 1,500 Belfast
employees are to continue to
build at the rate of 140 a week.

On his arrival in New York
he issued a statement which
did not even mention Receiver-
ship. He called it Instead an
'* extermely advantageous re-
organisation plan" comparable
with the “similar restructuring
oi Rolls-Royce in 1973."

He claimed: “by this action
the Government has removed
S130m of primarily Government
debt from the balance sheet.
Using this turning point
agreement as a springboard,
the many De Lorean customers
who have hesitated to conclude
the purchase of their auto-
mobile may now do so with
complete confidence.”

The rest of the statement
dealt mostly witii the - " instant
and enthusiastic public accept-
ance” of the car and ended
with thanks “to Her Majesty's
Government for this powerful
support”

Mr De Lorean, who said he
had not slept for two days,
insisted, however, that Sir
Kenneth’s estimate of the funds
needed to keep Belfast going
was too high and that $30m-
$50m would be enough.

Continued from Page 1

Clothing

Levi Strauss has taken its
action, because it has fought
a long battle against pirates
who counterfeit its clothes*

Last March, for instance, ft

• sued Jordache Enterprises,
another major U-S. jeans
manufacturer, for allegedly
infringing its trademark. And
in 1978 it received £255,000
in an out-of-court settlement
in Loudon relating to alleged
pirating of its products.

“ We vigorously enforce our
trademarks,” the company
commented yesterday. “The
company is continually de-
fending Sts rights against
infringements by others. “We
find ourselves widely in-
fringed against and we
respond in Mud.”

Applications for trademarks
have to go to the Registrar
of Trademarks, whose mills
grind exceedingly slowly.

It. took it five years to decide
on the first application and
Leri Strauss filed its second,
so-Tar-uhgranted ’ application,"
back in 1977.

In the intervening period the
Registrar has seen its work-
load rise by 40 per cent and
senior staff cut under Govern-
ment economies by about the
same amount

So it will probably be near the
end of the decade before a
decision on any third applica-
tion from the American com-
pany is Tnaib*- -

Group set
for phone
licence

BY JASON CRISP
THE MERCURY consortium
which wants to set up a rival
telephone network for business
to ' compete with British
Telecom has resolved its prob-
lems and is to be granted a
licence by the Department of
Industry. An official announce-
ment is expected next week.

After months of negotia-
tions with the Industry Depart-
ment the consortium — of Cable
and Wireless, British
Petroleum and Barclays
Merchant Bank— ran into con-
siderable difficulty this week

The problem was that as it
stood, the all-digital -communi-
cations network, which will
initially liiik seven major
business centres, was not
viable. After days of concen-
trated meetings, the consor-
tium is believed to have made
a number of technological com-
promises to reduce the cost

Mercury will have intercon-
nection with British Telecom’s
local network. It will also have
private international leased
lines through its owa earth
stations beaming calls via
satellites to the Fast East and
the UJS.

The licence being granted to
Mercury is essentially the same
as it had been offered late last
year. Cable and Wireless con-
tinued to insist for about two
months that the UK network
should /be able to connect to
public international switched
circuits.

Cable and Wireless dropped
the demand only 10 days ago.
Without the access to highly
profitable international switched
circuits, the project was not
viable. The licence, which will
run for 25 years, is the ondy one
that will be granted for a
competing network for some
time.

UK TODAY
CLOUDY, perhaps sleet or snow
in South east, misty in central
parts.

London, SJL, E. England
Mostly cloudy. Max 4G (39F).
Midlands^ N.W„ N.E. England,
S. Scotland

Some fog patches, sunny in-
tervals in sheltered places. Mux.
6C (43F).

S.W. England, Wales,
Scotland

Cloudy, drizzle at times. Max
8C (46F).

Outlook:

Rain perhaps preceded ' by
sleet, spreading east.

WORLDWIDE

Vdr ry

Y~ day

midday

midday

“C

“F

•c

*F

A|aedo F

14

57

London C

4

39

Algiers F

17

63

Aroadm. C

a

32

Luxmbg. C

■~2

28

Athena C

9

48

Luxor S

■27

81

Bahrain S

16

61

Madrid C

11

52

Batcfna, R

14

57

Majorca C

15

S9

Beirut 5

17

63

Malaya C

IS

61

Belfast C

6

43

Matte C

IB

61

Befgrd. C

O

32

M'chatr. C

4

39

Berfin c

-1

30

Mx. C.t

__

Biarritz C

. 9

43

Miamit

__

BlackpJ. C

5

41

M4an C

7

45

fiord*. F

11

52

Montrf.t So

-8

18

Botrign. Fg

2

38

Moscow S

-8

18

Bristol C

5

41

Moiridi C

-2

28

Brussels C

0

32

Nairobi F

27

81

Buduar. S

2

36

Naptefl S

14

67

Cairo S

23

73

Nwcstl. C

4

39

Cardiff C

4

39

N. York!

Ge&'b'ca F

17

63

fKea S

.15

59

diiCfl-t Fg

1

34

Nicosia F

16

81

Gofogna C

0

32

O pored S

13

55

Cpnftgn. C

1

34

Oslo S

-6

21

Corfu F

IS

59

Paris C

S

41

Denver]; F

1

34

Pragus S

'-I

30

Dublin C

6

43

Reykjvk'. R

8

46

Dbrvnk. C

IS

54

Rhodes H

IT

62

Ednt«h.-s

7

45

Rio J'ot

Faro &

T?

63

Rome C

14

57

Florence F

16

61

SeIxbm. Sn

O

32

Frankft. 5r>

O

32

S FtetefF.

10

GO

Funchal F

17

63

S’tisgot-

—

Geneva C

3

37

StBkhm;-£

—2

28

Gibraltar S

17,

63

Straabrg. C

1

34

Glasgow F

B

43

Tengisr F

IS

61

G'rnsey S

8

48

Tsl AvW S

17

63

Helsinki 5

-2

28

TenarHa C

14

S7

H. Kong F

22

72

Tokyo C

11

52

nnsbrfc. Sn

1

34

rwHot.Sn

0

32

Invrrtss. S

7

45

Tunis S

17

S3

l.o. Men S

6

43

VsierNria F

15

61

Istanbul C

5

41

Venice C

7

45

Jersey S

9

48

Vienna' 5

-1

30

L PHna. C

18

64

Warsaw F

-2

28

laffbofl F-

16

59

Zurich C*

2

38

Locemo C

6

41

C— Cloudy. F~4=* r .

fo-Fog. R-Rafn,.

S — Sunny.

So— Snow.

t Noon *SMT tampcisam.

THE LEX COLUMN

Black horse makes
the running

The competition may be
quietly cursing Lloyds Bank
after yesterday’s preliminary
statement Not that profits are
out of line with forecasts at
£385. 6m for the year — a rise of
33 per cent over 1980. The sting
is in the fina l dividend, which
has been pushed up a third to
produce a full year increase of
a quarter. The general rise in
clearing bank share prices yes-
terday sq ge ested that pressure
will be on the others to produce
something* similar.

On the face of it, Lloyd’s
decision, looks a little odd. It
can presumably afford to take a
more relaxed view of its share
price since the Monopolies
Commission report reduced the
risk of foreign bank takeovers
and the increase is unlikely to
impress the bank unions with
which Lloyds is now negotiat-
ing. Retentions fell last year
due to a provision for the wind-
fall profits tax, while- group
deposits were up by 40 per
cent So, even after a £135m
property revaluation, the free
equity ratio has deteriorated
slightly.

Lloyds must, however, have
looked carefully at its impres-
sive current earnings, which
cover the dividend 3L2 times.
The - Improvement in cover,
during a year in which average
base rates fell 3 points, debt
provision charges remained at
a very high level and the
endowment effect of current
accounts was eroded, is strong
evidence of the - defensive
strengths of the Lloyd’s
operation.

The 1981 results are admit-
tedly flattered by exchange rate
movements and the second half
consolidation of Lloyds and
Scottish. The underlying im-
provement in pre-tax profits is
probably closer to 20 per cent.
Cost have risen more slowly
than set interest income, de-
spite a slight narrowing in the
average interest margin. Sterl-
ing advances have risen by 19
per cent, a figure which has not
prevented Lloyds from bumping
up its £lt-edged book from
£332m to £500m. After a period
of strong outperfonnance. the
share price added another 16p
yesterday to dose at 480p,
where the yield is 6.5 pear cent

De Lorean

As the financial noose bas
tightened round the De Lorean
sports car project in recent
months, its founder' Mr John
De Lorean has not been' slow
off the mark in apportioning
blame for the difficulties.
Violence at the Belfast site has
deterred the recruitment of

— ■■ — — — - suppliers — at about £30m. At

TmW mcA fit to 3 ^e moment the receivers are
maex rose ua lO functioning on a VAT refund

■ of something less than £Im.

The plan is to see if it is pos-
sible to run a smaller opera-
tion, with an annual production
rate of about 7,000 cars. But
with no further government
aid forthcoming, the company
will be unable to proceed for
long unless it receives $2im
awed by the U.S. selling com-
pany. This will depend on
Bank of America -unfreezing
its “ transit " facility nest week.
If that hurdle can be climbed,
all will depend on how things
go in the spring selling season.
Success^couk) bring a buyer for
the company. But the smell of
financial ' failure may hit
business in the showrooms. i

.1980

1981 1982

good management, he has
claimed, while delays by the
UK Government have killed
opportunities for raising finance,
notably the attempt to float off
stock last year.

A more credible explanation
for failure lies in the ambitious
marketing assumptions on which
the project has been based. The
company planned to produce
20,000 cars in the first year,
rising to an annual 30,000 sub-
sequently. Sales this high would
have shot the model straight
into second place in the high,
price sports car sector, after
the Chevrolet Corvette, which
sells for 25 per emit less. In
the event sales on this scale
have simply not materialised —
nor is it convincing to. blame
the present recession for more
than a portion of the shortfall.

De Lorean was over-optimistic
on its finanriai projections as
well. Instead of $90m, it cost
something approaching $209m
before cars began coming off
the production line. This was
due partly to the strength of
sterling and partly to delays;
even so it was no mean achieve-
ment to bring the project on
stream within three years.
Nevertheless, the haggles for
additional working capital and
bank guarantees helped to sour
relations with a less inter-
ventionist government than the
company’s original Labour
sponsors. Already by August
the- balance sheet was showing
the strain, with net debt of the
consolidated group, at 385.6m,
more titan 1* Times share-,
holders’ funds. Since then the
position has deteriorated.

The receivers of the Belfast
car company owe £20.7m to the
Government in loans, and a
further £10m to banks guaran-
teed by the Government. The
other main obligation is to

Markets

The gilt-edged market has
been leading equities for over
a month now, and last week it
outperformed strtm^y, moving
ahead over the past three days
while equities drifted. The FT
30-Share Index has skipped
eight points on the week at a
time when interest rate expec-
tations have been improving.

The sullen tone of Wall Street
probably has something to do
with this, as does the diversion
of equity fund managers' cash
into the Amersham offer for
sale. But -there have also been
signs — notably toe - very poor
industrial production figures for
December — that the recovery of
the economy last summer and .
autumn has been faltering. The
views of companies— including
ICI — ! reporting their figures next
week win be of great import-
ance. .

The U.S. credit markets have
been joggling with the appar-
ently conflicting (but to London,
familiar enough) pulls of a very
weak economy and a rapidly ex-
panding money supply. After
jumping last Tuesday, U.S. in-
terest rates were easing ahead
of the latest money figures, and
if these are well received
primes could soon be lower
again.

The slippage of U.S. rates in
the last few days has taken
the steam out of the dollar in
the exchange markets, to the
great relief of all the central
banks. Sterling closed at 91.6
on its trade-weighted index for
the third week running: this
year so far its daily closing
levels have varied only between
90.1 and 91.9. The idea that the
authorities have a target baud
for the exchange rate is of
course quite absurd.

One thing is
certain for 1982
Change.

The changes Bache commodity research sees in store for
the coming year are detailed in our free booklet "Commodity
Outlook for 1982.”

In this report, Bache discusseslhe possible effects of
political policies, economic conditions, the weather, and the
world commodity climate.

Free

For your free copy. Just call Bache at the number below or
send us the coupon.

Bache

Bachs Halsey Stuart Shields Incorporated
. „ t ttewYorfc Stock Exehans®

MembarcSacuiittas Investor Protection Corporation

To: Wnflam L. Custard, Manager, Bache Halsey Stuart Shields toe.,
3-5 Burlington Gardens, London W1X1LE.Tefc 01-4394191.

Telex: 263779.

Please send me a free copy of yoor ,f Commodity Outlook for 1982”

Name.

Address

Telephoned.

tho Post Ofliea. Printed by Sr. Clement's Pmss for arid oubllahad
by th« Financial Times Ltd., Bracken House, Cannon Street. London. EC4P 48Y,
. - © Th* Financial Times Ltd., 138i

*

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